Legal Opinion
I.H.M., Inc. v. Central Bank of Montgomery
Supreme Court of Alabama
Decided December 3, 1976PublishedCited by 8 opinions
1Opinion of the Court
In 1973 I.H.M., Inc. owned the Sheraton Motor Inn in Montgomery. During that year William F. Burton, Jr. purchased the property. As a part of that transaction Burton assumed the existing mortgage on the property, executed a promissory note secured by a second mortgage, and also executed with I.H.M. a re-entry agreement whereby I.H.M. could re-enter possession of the premises if Burton defaulted in the payment of the first mortgage.
Thereafter, Burton executed to I.H.M. a collateral note for $100,000, due July, 1975. As collateral for that note, he put up a letter of credit for $100,000.
Burton…
2Cases cited8 opinions
- C. F. Halstead Contractor, Inc. v. Dirt, Inc.Supreme Court of Alabama · 1975
- Mason v. HallSupreme Court of Alabama · 1857
- Alabama Power Co. v. PierreSupreme Court of Alabama · 1938
- Moore v. First National Bank of FlorenceSupreme Court of Alabama · 1903
- Martin v. Black's ExecutorsSupreme Court of Alabama · 1852
3 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Hibbett Sporting Goods, Inc. v. BiernbaumSupreme Court of Alabama · 1979
- Richard Kelley Chevrolet Co., Inc. v. SeiboldCourt of Civil Appeals of Alabama · 1978
- Moore v. Pennsylvania Castle Energy Corp.Court of Appeals for the Eleventh Circuit · 1996
- Rich Crest Homes v. VAUGHN PLACESupreme Court of Alabama · 1986
- Ritchey v. DalgoSupreme Court of Alabama · 1987
3 more not listed; retrieve them via the Exa API.