Morris v. Peoples Independent Bancshares, Inc.

STEAGALL, Justice.

The plaintiffs, Carl Morris and Evelyn E. Morris, appeal from a summary judgment entered in favor of the defendant, Peoples Independent Bancshares, Inc., in an action seeking a judicial determination, pursuant to Ala.Code 1975, § 10-2A-163(e), of the fair market value of the Morrises’ stock in the Peoples Independent Bank of Boaz.

The Morrises were minority shareholders in the Peoples Independent Bank of Boaz. In June 1991, the board of directors of that bank adopted a “Plan of Exchange and Reorganization Agreement,” which provided that Peoples Independent Bank of Boaz would…