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I. H. M., INC. v. CENTRAL BANK OF MONTGOMERY

SC 1845.

340 So.2d 30 (1976)

I.H.M., Inc., a corporation v. CENTRAL BANK OF MONTGOMERY, a Banking Corporation, et al.

Supreme Court of Alabama.

December 3, 1976.

Attorney(s) appearing for the Case

Tucker, Gray & Thigpen, Tuscaloosa, for appellant.

Crenshaw & Minor, Montgomery, for Central Bank of Montgomery, appellees.

SHORES, Justice.

In 1973 I.H.M., Inc. owned the Sheraton Motor Inn in Montgomery. During that year William F. Burton, Jr. purchased the property. As a part of that transaction Burton assumed the existing mortgage on the property, executed a promissory note secured by a second mortgage, and also executed with I.H.M. a re-entry agreement whereby I.H.M. could re-enter possession of the premises if Burton defaulted in the payment of the first mortgage.

Thereafter...

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