Hook Point, LLC v. Branch Banking and Trust Co.

725 S.E.2d 681 (2012)

Study Aids
Case Briefs Overview
Casebooks
Case Briefs
H
From our private database of 46,300+ case briefs, written and edited by humans—never with AI.

Hook Point, LLC v. Branch Banking and Trust Co.

South Carolina Supreme Court
725 S.E.2d 681 (2012)

SC

Facts

Hook Point, LLC (plaintiff) took out a $5.1 million loan from Branch Banking and Trust Company (BB&T) (defendant). Hook Point secured the loan with a $1.5 million standby letter of credit from First Reliance Bank (First Reliance). Hook Point defaulted on the loan, and BB&T sent a demand letter to First Reliance, seeking to draw on the full amount of the letter of credit. Hook Point brought suit, seeking to enjoin BB&T from drawing on the full amount of the letter of credit. Hook Point acknowledged that it was $70,000 in default but argued that BB&T was not entitled to draw on the letter of credit in an amount exceeding that default. There was nothing in the loan agreement or letter of credit that limited BB&T’s drawing capability to the amount of a default. In addition, Hook Point alleged that BB&T fraudulently induced Hook Point to take out the loan. The circuit court issued a preliminary injunction, enjoining BB&T from drawing on the full amount of the letter of credit. BB&T appealed.

Rule of Law

Issue

Holding and Reasoning (Pleicones, J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 805,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials

  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 805,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,300 briefs, keyed to 988 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 805,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,300 briefs - keyed to 988 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership

Casebooks

Commercial Law
Secured Transactions

Key Terms