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MBAFB FEDERAL CREDIT UNION v. JENRETTE

21780

278 S.C. 274 (1982)

294 S.E.2d 431

MBAFB FEDERAL CREDIT UNION, Respondent, v. John W. JENRETTE, Jr., Heritage Shores, Ltd., Lyndell Thompson, Christine Therrell, James R. Holbert, Jr., Myrtle Beach Lumber Company, Inc., Robert M. Grissom, and The Town of North Myrtle Beach, Appellants, and MBAFB FEDERAL CREDIT UNION, Respondent, v. John W. JENRETTE, Jr., Robert M. Grissom as County Tax Collector and The Town of North Myrtle Beach, Appellants. (two cases).

Supreme Court of South Carolina.

August 23, 1982.

Attorney(s) appearing for the Case

O. Grady Query and B.C. Killough, Charleston, and Edward I. Markendorff, Columbia, for appellants.

Jack T. Flom, of Marshall, Flom & Haar, Myrtle Beach, for respondent.

Asst. U.S. Atty. Wistar D. Stuckey, Columbia, and Leonard Schaitman and Bruce G. Forrest, Washington, D.C., in behalf of the Nat. Credit Union Admin., amicus curiae.

August 23, 1982.

LEWIS, Chief Justice:

Appeal is taken from a judgment of foreclosure entered upon a Master's Report which denied appellant's claim of usury. Both the trial judge and master-in-equity found the appellant's defense of usury to be without merit. We affirm.

The appellant was granted two substantial loans by the respondent credit union which loans he secured by the mortgages at issue. There is no dispute concerning appellant's default on...

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