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SOUTHPACE PROPERTIES, INC. v. ACQUISITION GROUP

No. 92-6965.

5 F.3d 500 (1993)

SOUTHPACE PROPERTIES, INC., Plaintiff-Appellant, Cross-Appellee, v. ACQUISITION GROUP, The, a General Partnership; Robert B. Chambers, individually and as General Partner of The Acquisition Group, a General Partnership; Chris T. Turner, individually, and as General Partner of The Acquisition Group, a General Partnership; W. Fletcher Steele, individually, and as General Partner of The Acquisition Group, a General Partnership; Frank B. Myers, Jr., individually, and as General Partner of The Acquisition Group, a General Partnership; Robert N. Wesley, individually and as General Partner of The Acquisition Group, a General Partnership; Claiborne G. Thomasson, individually and as General Partner of The Acquisition Group, a General Partnership, Defendants-Appellees, Cross-Appellants.

United States Court of Appeals, Eleventh Circuit.

October 25, 1993.

Attorney(s) appearing for the Case

Richard F. Ogle, David O. Upshaw, Birmingham, AL, for plaintiff-appellant.

Phillip J. Carroll, III, Birmingham, AL, for defendants-appellees.

Before FAY and HATCHETT, Circuit Judges, and JOHNSON, Senior Circuit Judge.

HATCHETT, Circuit Judge:

Pursuant to Alabama law, we affirm the district court's rulings: (1) that the conveyance of real property from its owner to a partnership in which the owner had an interest did not constitute a sale or exchange as contemplated in a real estate listing agreement; and (2) that a clause in the agreement constitutes a penalty under Alabama law.

I. FACTS

On January 24, 1990, Southpace,...

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