Graydon v. Colonial Bank-Gulf Coast Region

HORNSBY, Chief Justice.

On July 9, 1986, Colonial Bank-Gulf Coast Region, f/d/b/a Farmers & Merchants Bank (“Colonial”), and Baldwin County Savings & Loan Association (“Baldwin”), sued Stuart F. Graydon, Sr., Grayco Land, Inc., and Ike W. Thrash because of a default in payment on a promissory note (the other signatories on the promissory note had filed bankruptcy petitions prior to the filing of this suit). Colonial and Baldwin also sought an order that would allow them to foreclose on the real estate mortgage held as security for the debt.

The case was tried on December 2, 1987, and on…