Central Production Credit Ass'n v. Page

Littlejohn, Justice:

The issue in this case is the viability and validity of a mortgage given to secure present indebtedness, as well as future advances, as permitted by § 45-55 of the Code of Laws of South Carolina (1962). We refer to it as an “open-end” mortgage.

The relevant facts out of which the controversy arises are as follows:

On September 7, 1973, defendant Charles W. Page gave to the plaintiff, Central Production Credit Association (C. P. C.) a note representing an indebtedness of $3,860.00, secured by an open-end mortgage on his house and lot in Eastover. His wife, defendant Brenda…