St. Clair Industries, Inc. v. Harmon's Pipe & Fitting Co.

KOHN, Justice.

The appellee (complainant) is an Alabama corporation with its principal place of business in Pell City, Alabama. The appellant (respondent) is a corporation with its principal place of business in Pell City, Alabama. Appellee (complainant) became the purchaser of certain land. At the time of its purchase, such property was subject to a first mortgage and a second mortgage, both of which were assumed by appellee (complainant) when it became the owner of such land.

The holder of the first mortgage foreclosed its first mortgage, and at such foreclosure sale the respondent…