Bank of the Southeast v. Jackson

The facts on which these lawsuits are based arise out of the refusal of the purchasers to complete the purchase of the capital stock and assets of Bama Coal Company and the refusal of the Bank of the Southeast to honor a letter of credit that was delivered by the purchasers to the sellers as earnest money. The cases come before this Court on the pleadings, discovery, the trial court's ruling granting the bank's motion to dismiss count four of the sellers' amended complaint and the trial court's favorable ruling on the bank's second motion for summary judgment. The sellers appeal from the…