Garvich v. Associates Financial Services Co.

This is an appeal from an order denying redemption of property foreclosed and sold under the terms and conditions of a mortgage.

Appellant, Donald J. Garvich, and Jefrey L. Collier were business associates. Garvich invested with Collier a sum of money for the purchase of real estate. On August 29, 1979, Collier borrowed $34,316.25 from Associates Financial Services Company of Alabama, Inc. (Associates). Collier concurrently executed a loan agreement and a real estate mortgage. He made two monthly payments of $618.32 on the loan in October and November of 1979, leaving a balance of $34,160.65.…