Peoples Federal Savings & Loan Ass'n v. Myrtle Beach Retirement Group, Inc.

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 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)…