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PUTMAN CONST. & REALTY CO., INC. v. BYRD

1910959, 1911343, 1911454 and 1911428.

632 So.2d 961 (1992)

PUTMAN CONSTRUCTION & REALTY COMPANY, INC., et al. v. William W. BYRD, Jr., et al. William BYRD, et al., v. PUTMAN CONSTRUCTION & REALTY COMPANY, INC., et al. NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY v. PUTMAN CONSTRUCTION & REALTY COMPANY, INC., et al.

Supreme Court of Alabama.

December 4, 1992.

Attorney(s) appearing for the Case

J.R. Brooks, Rennie S. Moody and Jeffrey T. Kelly of Lanier Ford Shaver & Payne, P.C., Huntsville, for Putman Const. and Realty Co., Inc., D.L. Putman, Kenneth W. Puttman and City Inv. Co., Ltd.

James L. Goyer III and Jayna J. Partain of Maynard, Cooper, Frierson & Gale, P.C., Birmingham, for Northwestern Mut. Life Ins. Co.

Gary C. Huckaby and H. Knox McMillan of Bradley, Arant, Rose & White, Huntsville, for William W. Byrd, Jr., Steven C. Cappaert, Henry Bostwick, The Bostwick Children's Trust, S. Michael Hawe and Michael L. Gravois, d/b/a BBCGH Partners 1.

STEAGALL, Justice.

William Byrd and the individual partners comprising BBCGH Partners 1 (hereinafter collectively referred to as the "buyers") contracted with Putman Construction & Realty Company, Inc., and its individual owners (hereinafter collectively referred to as the "sellers") for the purchase of University Square Business Center ("USBC"), a multi-tenant office complex. To obtain the primary financing for the purchase price, the buyers negotiated a $16...

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