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FEDERAL HOME LOAN MORTG. CORP. v. BATES

1930487, 1930511.

644 So.2d 925 (1994)

FEDERAL HOME LOAN MORTGAGE CORPORATION v. E. David BATES III, et al. E. David BATES, et al. v. FEDERAL HOME LOAN MORTGAGE CORPORATION.

Supreme Court of Alabama.

July 15, 1994.

Attorney(s) appearing for the Case

Raymond P. Fitzpatrick, Jr. and R. Scott Clark of Johnston, Barton, Proctor, Swedlaw & Naff, Birmingham, for appellant/cross-appellee.

N. Lee Cooper and Melissa N. Ridgeway of Maynard, Cooper & Gale, P.C., Birmingham, for appellees/cross-appellants.

INGRAM, Justice.

The Federal Home Loan Mortgage Corporation ("Freddie Mac") held a first mortgage on certain apartments. After default by the mortgagor, Freddie Mac purchased the property at a foreclosure sale, on April 28, 1992, for $1,706,460.31. E. David Bates III, Thomas C. Clark, Jr., N. Lee Cooper, and James L. Hubbard (hereinafter referred to collectively as "Bates") purchased the second mortgage on this property and then, pursuant to Ala.Code 1975, §...

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