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PEOPLES BANK & TRUST CO. v. L & T DEVELOPERS

No. 54171.

434 So.2d 699 (1983)

The PEOPLES BANK AND TRUST COMPANY AND BANK OF MISSISSIPPI v. L & T DEVELOPERS, INC.; Joe L. Arick, D/B/A A & H Electrical and Refrigeration; and The Wickes Corp.

Supreme Court of Mississippi.

As Modified July 15, 1983.

Attorney(s) appearing for the Case

Riley & Weir, James Patrick Caldwell, Mitchell, Eskridge, Voge, Clayton & Beasley, Stephen M. Corban, Tupelo, for appellant.

Robert L. Lancaster, Carnathan & Malski, John M. Creekmore, Tupelo, Tubb, Stevens & Morrison and J. Joshua Stevens, Jr., West Point, for appellee.

Before PATTERSON, C.J., and ROY NOBLE LEE and ROBERTSON, JJ.

ROBERTSON, Justice, for the Court:

I. An Overview

This civil action arises from a residential construction fiasco in Clay County, Mississippi. In the salvage operation that has followed, the original landowner, holder of a subordinated purchase money deed of trust, is battling two construction lenders and two construction lienors, one a contractor and the other a materialman. The objects of the controversy are three tracts of land, two of which contain...

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