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BANK OF THE SOUTHEAST v. JACKSON

80-908, 80-909.

413 So.2d 1091 (1982)

BANK OF THE SOUTHEAST, a corporation, now merged into Metro Bank, a corporation v. Earl E. JACKSON, III, Charles C. Nicrosi, William K. Nicrosi, Alton B. Parker, and Richard R. Patterson, Jr. Ray GRAHAM, T. C. Evans, Paul Ray, Dewell Emerson, Dennis Mills, Jr., and Douglas Tittle v. BANK OF THE SOUTHEAST, a corporation now merged into Metro Bank, a corporation.

Supreme Court of Alabama.

April 23, 1982.

Attorney(s) appearing for the Case

William B. Hairston, Jr. of Engel, Hairston, Moses & Johanson, Birmingham, for appellants Ray Graham, Evans, Ray, Emerson, Mills, and Tittle.

Erle Pettus, Jr. of Rives & Peterson, Birmingham, for Bank of the Southeast, etc.

John H. Morrow & William Allen Smyly, Jr. of Bradley, Arant, Rose & White, Birmingham, for appellees Jackson, Nicrosi, Nicrosi, Parker & Patterson.

MADDOX, Justice.

The facts on which these lawsuits are based arise out of the refusal of the purchasers to complete the purchase of the capital stock and assets of Bama Coal Company and the refusal of the Bank of the Southeast to honor a letter of credit that was delivered by the purchasers to the sellers as earnest money. The cases come before this Court on the pleadings, discovery, the trial court's ruling granting the...

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