South Carolina Code 37-10-107. Certain legal or equitable actions prohibited
(a) to lend or borrow money;
Terms Used In South Carolina Code 37-10-107
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fiduciary: A trustee, executor, or administrator.
(b) to defer or forbear in the repayment of money; or
(c) to renew, modify, amend, or cancel a loan of money or any provision with respect to a loan of money, involving in any such case a principal amount in excess of fifty thousand dollars, unless the party seeking to maintain the action or defense has received a writing from the party to be charged containing the material terms and conditions of the promise, undertaking, accepted offer, commitment, or agreement and the party to be charged, or its duly authorized agent, has signed the writing.
(2) Failure to comply with subsection (1) precludes an action or defense based on any of the following legal or equitable theories:
(a) an implied agreement based on course of dealing or performance or on a fiduciary relationship;
(b) promissory or equitable estoppel;
(c) part performance, except to the extent that the part performance may be explained only by reference to the alleged promise, undertaking, accepted offer, commitment, or agreement; or
(d) negligent misrepresentation.
(3) Subsections (1) and (2) do not apply to:
(a) a loan of money used primarily for personal, family, or household purposes;
(b) an agreement or change in the terms of an agreement relating to a line of consumer credit, lender credit card, or similar arrangement;
(c) an overdraft on a demand deposit or other bank account; or
(d) promissory notes, real estate mortgages, security agreements, guaranty and surety agreements, and letters of credit.
(4) In the event of a conflict between this section and any other provision of law of this State relating to the requirement of a signed writing, the provisions of the other provision of law shall control.