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S.C. FEDERAL SAVINGS BANK v. SAN-A-BEL CORP.

1745

307 S.C. 76 (1992)

413 S.E.2d 852

SOUTH CAROLINA FEDERAL SAVINGS BANK, Appellant v. SAN-A-BEL CORPORATION, Hal C. Neese, Jr., Robert J. Foster, Allen L. Teague, Maria F. Teague, Chris J. Chris, William C. Latham, Fred A. Serral, George B. Sasin, S.W. Rumph, Robert E. Bryan, Graham Bell, Paul Joseph, Martin Brann, John M. Hall, R.F. Kirkpatrick, Jr., John W. Davis, Diane R. Davis, Southern Coastal Outdoor Advertising, Inc., David W. Howe, D. Scott Scarborough, William S. Holland, Equipment Leasing and Robert O. Ziglar, Defendants, of which D. Scott Scarborough, William S. Holland and Robert O. Ziglar, Respondents.

Court of Appeals of South Carolina.

Decided January 6, 1992.

Attorney(s) appearing for the Case

Edward T. Kelaher, Surfside Beach, for appellant.

Susan C. Pardue, Myrtle Beach, for respondents.

Heard Oct. 16, 1991.

Decided Jan. 6, 1992.

BELL, Judge:

This is an action in equity to foreclose a mortgage. San-A-Bel Corporation, a real estate developer, granted the mortgage to South Carolina Federal Savings Bank to secure a construction loan for a condominium project in North Myrtle Beach. As a precondition for making the construction loan, the Bank required the Developer to "presell" a certain number of residential units in the project. D. Scott...

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