302 S.C. 223 (1990)

394 S.E.2d 849

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, James E. Jordan, Covenant Towers Homeowners Association, Inc., New York Carpet World and John M. Pruitt, Receiver, Defendants, of whom Jack E. Shaw, Gary R. Craven and W.L. Williams are Appellants. Appeal of Jack E. SHAW, Gary R. Craven, W.L. Williams.

Court of Appeals of South Carolina.

Decided July 2, 1990.

Attorney(s) appearing for the Case

Donald H. Stubbs, Joel H. Smith and William C. Hubbard of Nelson, Mullins, Riley & Scarborough, Costa M. Pleicones of Lewis, Babcock, Pleicones & Hawkins, Columbia, and Linda Weeks Gwin of Thompson, Henry & Gwin, Conway, for appellants.

Michael W. Battle of Lovelace & Battle, Conway, Robert W. Dibble, Jr. and T. Parkin Hunter of McNair Law Firm, Columbia, for respondents.

Heard April 18, 1990.

Decided July 2, 1990.


Peoples Federal Savings and Loan Association and Loyola Federal Savings and Loan Association (the S&L's) brought a foreclosure action. Deficiency judgment was not waived, the mortgaged property was sold at judicial sale for $8,300,000 and deficiency judgment of $2,880,000 was entered against the developers, Jack E. Shaw, Gary R. Craven and W.L. Williams. The developers petitioned for an...

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