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FIRST COLBERT NAT. BANK v. SEC. FED., ETC.

80-736.

411 So.2d 786 (1982)

FIRST COLBERT NATIONAL BANK v. SECURITY FEDERAL SAVINGS & LOAN ASSOCIATION and U. S. Fire Insurance Company.

Supreme Court of Alabama.

March 19, 1982.

Attorney(s) appearing for the Case

Stanley E. Munsey of Rosser & Munsey, Tuscumbia, for appellant.

Donald H. Patterson of Patterson & Weathers, Florence, for appellee Security Federal Sav. & Loan Ass'n.

Steve A. Baccus of Almon, McAlister, Ashe, Baccus & Smith, Sheffield, for appellee U. S. Fire Ins. Co.

MADDOX, Justice.

The appellant states the central issue:

"Whether the trial court erred in granting summary judgments on the ground that the `statute of limitations' of one year for redemption had run before plaintiff filed its bill of complaint."

The pleadings in the cause show the following facts: Security Federal held a first mortgage on the property. First Colbert National Bank held a second mortgage on the property. On January 29, 1979, Security...

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