South Atlantic Production Credit Ass'n v. Gibbs

Marshall, Chief Justice.

In this case, plaintiff-appellee, James W. Gibbs, seeks enforcement of an oral agreement allegedly entered into with officers of defendant-appellant, South Atlantic Production Credit Association (PCA), requiring cancellation of a promissory note and security deed in consideration of plaintiff’s voluntarily conducting a liquidation sale of security-deed collateral, as well as non-collateral, and applying the sale proceeds to payment of the secured indebtedness.

The trial court granted an interlocutory injunction restraining the defendant from foreclosing upon certain…