N.C. FED. SAVINGS & LOAN ASSOC. v. DAV CORP.

23001

298 S.C. 514 (1989)

381 S.E.2d 903

NORTH CAROLINA FEDERAL SAVINGS AND LOAN ASSOCIATION, Plaintiff v. DAV CORP., Parasol Development Corporation and Carolina FinCorp., Inc., now by change of name NCF Financial Corporation, all d/b/a Parasol Inn Joint Venture, and Petite Paris, Inc., Defendants, Of which DAV CORP. is Third-Party Plaintiff v. PARASOL DEVELOPMENT CORPORATION, Carolina FinCorp., Inc., now NCF Financial Corporation, Roger Van Wie, Geoffrey Van Wie, and Resort Management Group, Inc., Third-Party Defendants, Of which PARASOL DEVELOPMENT CORPORATION is Third-Party Plaintiff v. Daniel A. VOGEL, Jr., Second Third-Party Defendant. NCF FINANCIAL CORPORATION, is the Third-Party Plaintiff v. RESORT MANAGEMENT GROUP, INC., Roger Van Wie and Geoffrey Van Wie, Third-Party Defendants, OF WHOM North Carolina Federal Savings and Loan Association, Parasol Development Corporation, Carolina FinCorp., Inc., now by change of name NCF Financial Corporation, Roger Van Wie, Geoffrey Van Wie, and Resort Management Group, Inc. are Respondents, and DAV Corp., who is Petitioner.

Supreme Court of South Carolina.

Decided April 10, 1989.


Attorney(s) appearing for the Case

John M. Leiter, of Leiter & Tall, Myrtle Beach, for petitioner DAV Corp.

J. Rutledge Young, Jr., and Stephen P. Groves, of Young, Clement, Rivers & Tisdale, Charleston, for respondents Parasol Development Corp., Roger Van Wie, Geoffrey Van Wie, and Resort Management Group, Inc.

Joel W. Collins, Jr., of Collins & Lacy, Columbia, for respondent Carolina FinCorp., Inc., now known as NCF Financial Corp.

Steven H. John, North Myrtle Beach, for respondent North Carolina Federal Sav. and Loan Ass'n.

H. Dave Whitener, Jr., Columbia, amicus curiae, for S.C. League of Savings Institutions, S.C. Bankers' Ass'n and the Mortgage Bankers of the Carolinas.


Heard January 23, 1989.

Decided April 10, 1989.

GREGORY, Chief Justice:

This case is before us on a writ of certiorari to the Court of Appeals to review its decision reported at 294 S.C. 27, 362 S.E.2d 308 (Ct. App. 1987). We reverse in part and affirm in part.

Respondent North Carolina Federal Savings and Loan Association commenced this action to foreclose on a note and mortgage...

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