387 S.E.2d 672 (S.C. 1989), 23090, Peoples Federal Sav. and Loan Ass'n v. Myrtle Beach Retirement Group, Inc.

Docket Nº:23090.
Citation:387 S.E.2d 672, 300 S.C. 277
Opinion Judge:FINNEY, Justice:
Party Name: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, J. Leonard Humphries, James E. Jordan, Covenant Towers Homeowners Association, Inc., New York Carpet World and John M. Pruitt, Receiver, of whom W.L. Williams
Attorney:Costa M. Pleicones, of Lewis, Babcock, Pleicones & Hawkins, for appellant W. L. Williams. William C. Hubbard and Joel H. Smith of Nelson, Mullins, Riley & Scarborough, Columbia, for appellant Jack Shaw. Linda W. Gwin, of Thompson, Henry & Gwin, PA, Conway, for appellant Gary Craven. James E. Jord...
Case Date:October 16, 1989
Court:Supreme Court of South Carolina
 
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387 S.E.2d 672 (S.C. 1989)

300 S.C. 277

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, J. Leonard Humphries, James E. Jordan,

Covenant Towers Homeowners Association, Inc., New York

Carpet World and John M. Pruitt, Receiver,

of whom W.L. Williams, Myrtle Beach Retirement Group, Inc.,

Gary R. Craven, Jack E. Shaw, J. Leonard Humphries

and James E. Jordan are Appellants.

Appeal of W.L. WILLIAMS, Myrtle Beach Retirement Group,

Inc., Gary R. Craven, Jack E. Shaw, J. Leonard

Humphries and James E. Jordan.

No. 23090.

Supreme Court of South Carolina.

October 16, 1989

Heard March 20, 1989.

Costa M. Pleicones, of Lewis, Babcock, Pleicones & Hawkins, for appellant W.L. Williams.

William C. Hubbard and Joel H. Smith, of Nelson, Mullins, Riley & Scarborough, Columbia, for appellant Jack Shaw.

Linda W. Gwin, of Thompson, Henry & Gwin, P.A., Conway, for appellant Gary Craven.

[300 S.C. 278] James E. Jordan, Registered Agent, Surfside Beach, for Myrtle Beach Retirement Group, Inc.

Howell V. Bellamy, Jr. and Preston B. Haines, III, of Bellamy, Rutenberg, Copeland, Epps, Gravely & Bowers, Myrtle Beach, for appellants J. Leonard Humphries and James E. Jordan.

Michael W. Battle, of Lovelace & Battle, P.A., Conway, for respondents.

John M. Pruitt, Receiver, Robert W. Dibble, Jr. and Jane W. Trinkley, of McNair Law Firm, P.A., Columbia, for Loyola Federal Sav. and Loan Ass'n.

FINNEY, Justice:

This is an appeal of the master's construction of two guaranty agreements which held that the agreements were valid and enforceable as to each guarantor in an amount up to 25% of the total initial indebtedness. We affirm.

In 1984, appellant Myrtle Beach Retirement Group, Inc. (MBRG) borrowed $10,590,000 from respondent Peoples Federal Savings and Loan Association (Peoples) to

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construct a condominium project known as "Covenant Towers." Appellants Jack E. Shaw (Shaw), W.L. Williams (Williams), Gary Craven (Craven), J. Leonard Humphries (Humphries), and James E. Jordan (Jordan) were at all relevant times shareholders in MBRG. Respondent Loyola Federal Savings and Loan Association (Loyola) is a party to this action because People's assigned an eighty (80%)...

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