Republic National Bank v. DLP Industries, Inc.

Moore, Justice:

This case is before us on a writ of certiorari to review the Court of Appeals’ decision in Republic National Bank v. DLP Industries, Inc., et al., Op. No. 93-UP-102 (S.C. Ct. App. filed April 8, 1993). We affirm.

FACTS

In November 1989 Petitioners defaulted on a $100,000 loan. In March 1990 respondent Republic National Bank (Bank) filed a claim and delivery action. In August 1990 Bank repossessed the collateral which consisted mostly of surplus cloth ing. On August 22, 1990, Bank sold the collateral for $11,000 and sought a deficiency judgment which the trial court granted. The…