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Hook Point, LLC v. Branch Banking and Trust Co.
Citation:
725 S.E.2d 681 (2012)Facts
In 2007, Hook Point sought financing from BB&T to develop a subdivision called Panama Pointe on Lake Murray property. BB&T issued a commitment letter agreeing to loan $5.1 million and establish a $2 million line of credit. Security for the loan included a first mortgage on the property, personal guarantees from Hook Point’s four principals, and a $1.5 million standby letter of credit issued by First Reliance Bank in favor of BB&T. The letter of credit permitted BB&T to draw upon presentation of a draft with a notarized statement that Hook Point had failed to perform its obligations under the loan agreement and promissory note. Hook Point proceeded with infrastructure work and began construction before determining market conditions had become unfavorable. Hook Point defaulted by failing to pay property taxes, make interest payments, and pay principal due under one note. BB&T gave notice of default in September 2010 and accelerated the loans in December 2010, simultaneously tendering a demand letter to First Reliance seeking to draw the full $1.5 million.
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