Bankers Trust of South Carolina v. South Carolina National Bank

Cureton, Judge:

In this declaratory judgment action initiated by appellant Bankers Trust, the circuit court entered judgment for respondent South Carolina National Bank (SCN) on its counterclaim against Bankers Trust for reimbursement of $21,500. We affirm.

The parties stipulated to the following facts. Herber E. Smith, H. Lewis Wachsmuth and John Onorato, principals in Wacho Enterprises, Inc., obtained a secured loan from Bankers Trust in the amount of $21,500 to purchase a houseboat. In obtaining the loan, they represented to Bankers Trust that the houseboat was appraised for $50,000 and that…