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PEOPLES FEDERAL S & L ASSOC. v. MYRTLE BCH. RETIREMENT GROUP, INC.

23090

300 S.C. 277 (1989)

387 S.E.2d 672

PEOPLES FEDERAL SAVINGS AND LOAN ASSOCIATION and Loyola Federal Savings and Loan Association, Respondents v. MYRTLE BEACH RETIREMENT GROUP, INC., W.L. Williams, Gary R. Craven, Jack E. Shaw, J. Leonard Humphries, James E. Jordan, Covenant Towers Homeowners Association, Inc., New York Carpet World and John M. Pruitt, Receiver, of whom W.L. Williams, Myrtle Beach Retirement Group, Inc., Gary R. Craven, Jack E. Shaw, J. Leonard Humphries and James E. Jordan are Appellants. Appeal of W.L. WILLIAMS, Myrtle Beach Retirement Group, Inc., Gary R. Craven, Jack E. Shaw, J. Leonard Humphries and James E. Jordan.

Supreme Court of South Carolina.

Decided October 16, 1989.

Attorney(s) appearing for the Case

Costa M. Pleicones, of Lewis, Babcock, Pleicones & Hawkins, for appellant W.L. Williams.

William C. Hubbard and Joel H. Smith of Nelson, Mullins, Riley & Scarborough, Columbia, for appellant Jack Shaw.

Linda W. Gwin, of Thompson, Henry & Gwin, PA, Conway, for appellant Gary Craven.

James E. Jordan, Registered Agent, Surfside Beach, for Myrtle Beach Retirement Group, Inc.

Howell V. Bellamy, Jr., and Preston B. Haines, III, of Bellamy, Rutenberg, Copeland, Epps, Gravely & Bowers, Myrtle Beach, for appellants J. Leonard Humphries and James E. Jordan.

Michael W. Battle, of Lovelace & Battle, P.A., Conway, for respondents.

John M. Pruitt, Receiver, Robert W. Dibble, Jr., and Jane W. Trinkley, of McNair Law Firm, P.A., Columbia, for Loyola Federal Sav. and Loan Ass'n.

Heard March 20, 1989.

Decided Oct. 16, 1989.

FINNEY, Justice:

This is an appeal of the master's construction of two guaranty agreements which held that the agreements were valid and enforceable as to each guarantor in an amount up to 25% of the total initial indebtedness. We affirm.

In 1984, appellant Myrtle Beach Retirement Group, Inc. (MBRG) borrowed $10,590,000 from respondent Peoples Federal Savings and Loan Association (Peoples) to construct...

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