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GEORGE v. FEDERAL LAND BANK OF JACKSON

84-1132.

501 So.2d 432 (1986)

Roy E. GEORGE and Jeannie A. George v. FEDERAL LAND BANK OF JACKSON.

Supreme Court of Alabama.

On Application for Rehearing November 14, 1986.

Rehearing Denied January 9, 1987.

Attorney(s) appearing for the Case

Edward M. Price, Jr., of Farmer, Price, Espy & Smith, Dothan, for appellants.

L.A. Farmer, Jr., of Farmer, Baxley, Ramsey, Farmer & McDougle, Dothan, for appellee.

MADDOX, Justice.

On March 26, 1975, defendants Roy E. George (George) and Jeannie A. George mortgaged nine parcels of property in Houston County and two parcels of property in Dale County, totaling 3,337.5 acres, to the Federal Land Bank of New Orleans (Federal)1 to secure a promissory note in the amount of $1,158,000. Defendants were to make installment payments of $104,440.19, principal and interest, on March 1 of each subsequent year...

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