McMillan v. Dozier

LAWSON, Justice.

On April 24, 1947, the Dixie Provision Company, Inc., a corporation, executed its mortgage and notes to the Union Bank & Trust Company of Montgomery to secure a loan by the bank to it in the sum of $50,000. The Dixie Provision Company, Inc., a corporation, will 'be referred to hereafter as the Dixie Company. The mortgage was of the “open-end” type, containing a provision to the effect that any additional sums loaned the Dixie Company by the bank would be secured by the mortgage. The packing plant of the Dixie Company was then under construction and all its stockholders by…