GRAY v. LINCOLN INDUS. INS. CO., INC.

SC 1312.

325 So.2d 151 (1976)

Christine Juanita GRAY v. LINCOLN INDUSTRIAL INSURANCE CO., INC., a corp.

Supreme Court of Alabama.

January 2, 1976.


Attorney(s) appearing for the Case

Nichols & Lowery, Birmingham, for appellant.

George I. Case, Jr., Birmingham, for appellee.


JONES, Justice.

Purchaser-mortgagor appeals from an order granting declaratory relief to the seller-mortgagee imposing simple interest at the annual rate of 5% on the unpaid balance of the debt evidenced by a note which was executed simultaneously with, and referred to in, a mortgage. As modified by order of this Court in conformity with this opinion, the final decree of the trial Court is affirmed.

The facts are virtually without dispute. In late 1962, Lincoln...

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