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HOMECORP v. SECOR BANK

1921632.

659 So.2d 15 (1994)

HOMECORP, a corporation, et al. v. SECOR BANK, a federal savings bank.

Supreme Court of Alabama.

Rehearing Denied April 14, 1995.

Attorney(s) appearing for the Case

M. Wayne Wheeler, Birmingham, and J. Christopher Desmond, Atlanta, GA, for appellants.

William S. Pritchard, Jr. and William S. Pritchard III, Birmingham, for appellee.

MADDOX, Justice.

This case involves a dispute between a mortgagor and a mortgagee over entitlement to (1) pre-foreclosure and post-foreclosure rents, issues, and profits from an apartment complex; (2) security deposits paid by tenants who continued in possession after foreclosure; and (3) ad valorem taxes that had been escrowed but not paid.

One of the principal issues presented is the legal effect of a "nonrecourse...

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