Bank Independent v. Coats

STEAGALL, Justice.

Bank Independent sued Ellis Coats and Barbara Coats, seeking to set aside Mr. Coats’s allegedly fraudulent conveyance of a certain note and mortgage secured by certain real property. Mr. Coats had conveyed the note and mortgage to Mrs. Coats in exchange for the extinguishment of her right to receive present and future alimony and child support. The University of North Alabama thereafter sought to buy the property from Mrs. Coats. In response to Bank Independent’s suit, the University interpleaded the purchase sum of $135,-814.60 into the court. The jury found that there was…