Carver v. Blanford

Gregory, Justice:

Appellant Glenn P. Carver purchased 100% of the stock in Respondents’ business. Thereafter, Carver commenced this action alleging two causes of action. The first sought rescission of the purchase agreement pursuant to S. C. Code Ann. § 35-1-1490 (1976). The second cause of action alleged fraud. The trial judge sustained demurrers to both causes of action. This appeal followed. We affirm in part and reverse in part.

As to the first cause of action, the trial judge ruled that the sale of stock in a close corporation did not come within the protection of the Uniform Securities…