Shirer v. O. W. S. & Associates, Inc.

Brailsford, Justice.

This is an appeal by Jefferson Standard Life Insurance Company from a judgment against it for $21,600.00, the amount of a “liquidated damage deposit,” retained by it upon the cancellation by O. W. S. & Associates, Inc., of a conditional acceptance of a mortgage loan commitment. This closely held corporation was organized for the purpose of constructing and operating a motel at Smithfield, North Carolina, under a Holiday Inns of America, Inc., franchise. The principal incorporators, all residents of Orangeburg County, South Carolina, were Julian A. Ott, president, Jesse D.…