Legal Opinion
Poughkeepsie Sav. Bank v. HIGHLAND TERRACE, ETC.
Supreme Court of Alabama
Decided December 2, 1977PublishedCited by 5 opinions
1Opinion of the Court
The defendant below, Poughkeepsie Savings Bank, appeals from the trial court's order which permanently enjoined Poughkeepsie's attempt to collect an irrevocable Letter of Credit established by the plaintiff, Highland Terrace Apartments.
Highland, a partnership, employed W.B. Phillips to secure permanent financing for an apartment complex on Birmingham's southside. Phillips sought a $940,000 commitment from Poughkeepsie, but got only $850,000. The commitment had a closing date in eighteen months, and contained a liquidated damages clause, requiring that an irrevocable Letter of Credit in the…
2Cases cited9 opinions
- Hunter-Benn Co. Company v. Bassett Lumber Co.Supreme Court of Alabama · 1932
- White Lakes Shopping Center, Inc. v. Jefferson Standard Life InsuranceSupreme Court of Kansas · 1971
- Partridge v. ForsythSupreme Court of Alabama · 1856
- Shel-Al Corporation v. American National Insurance Company and Exchange Security BankCourt of Appeals for the Fifth Circuit · 1974
- City of Albertville, Alabama v. United States Fidelity & Guaranty CompanyCourt of Appeals for the Fifth Circuit · 1960
4 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Hibbett Sporting Goods, Inc. v. BiernbaumSupreme Court of Alabama · 1980
- City of Gulf Shores v. HARBERT INTERN.Supreme Court of Alabama · 1992
- Silverman v. Charmac, Inc.Supreme Court of Alabama · 1982
- Alpine Construction Co. v. Water Works Board of the City of BirminghamSupreme Court of Alabama · 1979
- Alpine Const. Co. v. WATER WORKS BD., ETC.Supreme Court of Alabama · 1979