Peoples Federal Savings & Loan Ass'n v. Myrtle Beach Golf & Yacht Club

I respectfully dissent.

This case was originally assigned to the writer to author. I submit as part of my dissent the original opinion, with slight modifications, which I authored and proposed as the majority opinion.

ISSUES

The dispositive issues of merit are whether (1) the trial judge erred in holding that the so-called consideration of $403,000 for the transfer of the stock of Peoples Joint Venture Group, Inc. was based upon the market value of the stock and that by the transfer, Peoples Federal Savings & Loan Association (the S&L) divested itself of any interest in the profits or control of…