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HOOK POINT, LLC v. BRANCH BANKING

No. 27115.

397 S.C. 507 (2012)

725 S.E.2d 681

HOOK POINT, LLC, Respondent, v. BRANCH BANKING AND TRUST COMPANY, First Reliance Bank, and Allan Risinger, Defendants, Of Whom Branch Banking and Trust Company is, Appellant.

Supreme Court of South Carolina.

Decided April 11, 2012.

Rehearing Denied May 24, 2012.

Attorney(s) appearing for the Case

Frank R. Ellerbe, III , and Wilson W. McDonald , both of Robinson, McFadden & Moore, of Columbia, for Appellant.

Frederick A. Gertz , of Gertz & Moore, of Columbia, Thornwell F. Sowell and David C. Dick , both of Sowell, Gray, Stepp & Laffitte, of Columbia, for Respondent.

Justice PLEICONES:

Respondent Hook Point, LLC (Hook Point) was granted a preliminary injunction preventing Appellant Branch Banking and Trust Company (BB & T) from drawing on, and defendant First Reliance Bank (First Reliance) from honoring, a $1.5 million letter of credit. BB & T appeals. We reverse.

FACTS

In late 2007, Hook Point sought a loan from BB & T for the purpose of developing a subdivision on property Hook Point owned on Lake...

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