Flintkote Company v. Grimes

MERRILL, Justice.

Appellant sued appellees on a demand note which appellees had executed to appellant on October 6, 1964. Judgment was in favor of appellees, and after its motion for a new trial was overruled, appellant appealed.

Appellee, Jack F. Grimes, owned fifty-one percent of the stock in North Alabama Building Supply, Inc., a corporation, which owed appellant $17,617.80 on open account. On October 6, 1964, appellees, Jack F. Grimes and his wife, made a promissory note for the same $17,617.80 to appellant payable on demand. Thereafter, payments were made on the note reducing the principal…