Pipkin v. Thomas & Hill, Inc.

SHARP, Chief Justice. 1

Initially, the primary relief which plaintiffs sought in this action was a decree ordering defendant to specifically perform its commitment to provide long-term or “permanent” financing to enable plaintiffs to take up CCB’s interim construction loan on their motel-restaurant project. Historically, courts of equity refused to decree specific performance of a contract to lend money on the ground that the disappointed borrower could be fully compensated by damages because, presumably, money could always be found elsewhere. 2 More recently, however, courts have employed the…