Loyola Federal Savings & Loan Ass'n v. South Carolina Tax Commission

Harwell, Chief Justice:

This is a suit for refund of documentary stamp taxes paid under protest. Appellant Loyola Federal Savings and Loan Association (Loyola) asserts that the master-in-equity committed various errors. We affirm in part and reverse in part.

I. FACTS

Loyola commenced an action in 1988 to foreclose loans secured by a condominium hotel in Myrtle Beach. The master-in-equity issued a decree of foreclosure in November 1989 and ordered the condominium hotel sold at public auction. Loyola was the successful bidder, and the master-in-equity consequently issued a master’s deed conveying…