Tuller v. Nantahala Park Co.

Littlejohn, Justice:

The issue presently before the court is the validity of a real estate mortgage given by defendant Hilton Head Plantation Co., Inc. (Hilton Head Co.) to plaintiff Cousins Mortgage Equity and Investments (Cousins) 1 . The Mortgage covers 58 acres on Hilton Head Island in Beaufort County, South Carolina.

A review of the facts is necessary to a discussion of the issues. In the early 1970’s Sea Pines Co. and its two wholly-owned subsidiaries, Hilton Head Co. and Nantahala Park Co. (Nantahala), were land developers. Hilton Head Co. generally developed resort property on Hilton…