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KELLY v. SMITH

82-1160.

454 So.2d 1315 (1984)

Charles KELLY v. Coy SMITH.

Supreme Court of Alabama.

Rehearing Denied July 20, 1984.

Attorney(s) appearing for the Case

John T. Crowder, Jr. and Gregory B. Breedlove of Cunningham, Bounds, Yance, Crowder and Brown, Mobile, for appellant.

Willis W. Holloway, Jr., Mobile, for appellee.

SHORES, Justice.

Kelly, the defendant below, appeals from a judgment against him in the amount of $30,000. We reverse.

Charles Kelly was a real estate developer. in 1973, he held an option on two pieces of real estate, both of which were abandoned subdivisions. In March of 1973, Charles Kelly, Coy Smith, and Joe Debrow formed a corporation called LanDevCo., Inc. The company was owned equally by these three men until 1976. At that time, Joe Debrow sold his...

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