Lite House, Inc. v. North River Insurance

ON WRIT OF CERTIORARI TO THE COURT OF APPEALS

Burnett, Justice:

We granted certiorari to review the Court of Appeals decision in The Lite House, Inc., v. North River Ins. Co., — S.C. —, 450 S.E. (2d) 63 (Ct. App. 1994). We affirm as modified.

FACTS

W.W. Grimsley & Company, Inc., a business owned and operated by Wayne Grimsley,1 constructed residential buildings for sale to others. As part of the licensing requirements for residential builders, respondent provided a surety bond on behalf of Grimsley to the South Carolina Residential Builders *28Commission (the Commission).2 The bond provided in part…