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FIRST EQUITY INVEST. CORP. v. UNITED SERVICE CORP. OF ANDERSON

23091

299 S.C. 491 (1989)

386 S.E.2d 245

FIRST EQUITY INVESTMENT CORPORATION, Respondent v. UNITED SERVICE CORPORATION OF ANDERSON, South Carolina, Appellant.

Supreme Court of South Carolina.

Decided October 3, 1989.

Attorney(s) appearing for the Case

Jack F. McIntosh and R. Lawton McIntosh, both of McIntosh & Sherard, Anderson, and James B. Richardson, Jr., of Richardson and Smith, Columbia, for appellant.

Mitchell K. Byrd and Dan M. Byrd, both of Byrd & Byrd, Rock Hill, for respondent.

Heard June 7, 1989.

Decided Oct. 3, 1989.

HARWELL, Justice:

This case involves the operation of partial land release provisions accompanying a mortgage assumption agreement and the measure of damages appropriate upon the rescission of the agreement incident to its breach. We affirm in part and reverse in part.

FACTS

In 1985, Appellant United Service Corporation ("United") developed a subdivision near Lake Hartwell. The subdivision...

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