Educators' Inv. Corp., Etc. v. Autrey

This is an appeal from the trial judge's entry of summary judgment for the defendant in an action for indebtedness on a promissory note. The trial court found that the action was barred under the doctrine of res judicata. We affirm.

Educators' Investment Corporation of Alabama was formed as a publicly held stock company in Birmingham, Alabama, in 1955. From its inception, Educators' maintained a company policy of repurchasing its corporate stock from any shareholder who tendered his shares.

William H. Autrey purchased a total of 2,277 shares of common stock of Educators' between November 16,…