Wood River Development, Inc. v. Armbrester

SHORES, Justice.

This is an appeal from the confirmation of a judicial foreclosure sale.

In July 1985, William B. Armbrester and Carrie Lee Armbrester sold to Wood River Development, Inc. (“Wood River”), a parcel of undeveloped land located in Talladega County, for $200,000. In accordance with the terms of the sale, Wood River paid to the Armbresters $40,000 down and executed a purchase money note and mortgage for the outstanding balance of $160,000, to be paid in three equal annual installments of $53,333.33 each, plus accrued interest. James Keith Howard and Dennis Abbott, the shareholders of…