Independence National Bank v. Buncombe Professional Park, LLC

We granted certiorari to consider the Court of Appeals’ decision in this mortgage priority case. Independence Nat’l Bank v. Buncombe Prof'l Park, LLC, 402 S.C. 514, 741 S.E.2d 572 (Ct.App.2013). We reverse the Court of Appeals’ decision and reinstate the master’s judgment because we find petitioner Independence National Bank (Bank) is entitled to be equitably subrogated to the original first mortgage on the property. 1

FACTS

Respondent DeCarlis is the sole member of respondent Buncombe Professional Park, L.L.C. (Buncombe), which owned an undeveloped parcel of land. In 2007, DeCarlis, as…