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

725 S.E.2d 681 (2012)

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

Supreme Court of South Carolina

725 S.E.2d 681 (2012)

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.)

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