Lewis v. Premium Investment Corp.
South Carolina Supreme Court
568 S.E.2d 361 (2002)
William Lewis (plaintiff) bought property from Premium Investment Corp. (defendant) under an installment sales contract allowing forfeiture at Premium's option upon default. About twelve years in, after making 141 of 182 required payments, Lewis stopped paying; roughly a year later, Premium mailed him a cancellation notice. When Lewis then tried to make further payments, Premium refused them, and Lewis sued for specific performance. The master-in-equity found Lewis in breach and Premium entitled to cancel, but the court of appeals reversed, finding Lewis had an equitable right of redemption. Premium appealed.
Whether a court of equity may relieve a defaulting purchaser from a strict forfeiture provision in an installment land contract and provide an opportunity for redemption.