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TREETOP ENTERPRISES, INC. v. TOLAN

1900444.

583 So.2d 254 (1991)

TREETOP ENTERPRISES, INC., and Nathaniel P. Harris, Jr. v. Gabe J. TOLAN and Arthur K. Lowen.

Supreme Court of Alabama.

Rehearing Denied June 21, 1991.

Attorney(s) appearing for the Case

William R. Justice of Harrison, Conwill, Harrison & Justice, Columbiana, for appellants.

Stephen Griffin of Griffin, Allison, May & Alvis, Birmingham, for appellees.

SHORES, Justice.

On October 20, 1978, Treetop Enterprises, Inc. (hereinafter "Treetop"), leased for 15 years a lot from Gabe J. Tolan for the purpose of placing an advertising sign on it. Tolan mortgaged the property and assigned the right to collect rents from Treetop to Citizens Bank and Trust Company as security for a $75,000 loan. Tolan defaulted on the loan and the bank foreclosed on May 9, 1985. At the foreclosure sale, Treetop bid $20,000 and paid the Bank...

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