Bob Parrott, Inc. v. First Palmetto Bank

Clark, Judge.

This appeal involves two questions: (1) determination of priority to the proceeds of a loan deed foreclosure sale; and (2) the right of a holder of a subordinate loan deed to sue in assumpsit for money had and received seeking payment of the surplus arising from the foreclosure sale conducted under the terms of the superior security instrument.

For convenience we will refer to the First Palmetto Bank, grantee in the first loan deed and holder of the surplus, as "Bank.” Appellant, Bob Parrott, Inc., grantee in both a second and third loan deed, will be denominated as "Subordinated…