[Download] "Power Equipment Company v. First Alabama" by Supreme Court of Alabama # eBook PDF Kindle ePub Free
eBook details
- Title: Power Equipment Company v. First Alabama
- Author : Supreme Court of Alabama
- Release Date : January 18, 1991
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 72 KB
Description
The Commercial Bank sued Power Equipment Company, Inc., claiming that Power Equipment had defaulted on two promissory notes.
The first note, which The Commercial Bank claimed had an outstanding balance of $20,250 when the suit was filed, evidenced
a loan made to Power Equipment in June 1985 to enable it to purchase a forklift to be used in its business operations. The
second note, executed in August 1985, represented a $900,000 line of credit that was to be used by Power Equipment to purchase
an inventory of heavy equipment. In addition to filing an answer to The Commercial Bank's complaint, Power Equipment filed a counterclaim against The Commercial
Bank and filed a third-party complaint against First Alabama Bank (The Commercial Bank's successor following a merger) and
First Alabama Bancshares, the sole shareholder of the successor bank. (We will refer to The Commercial Bank, First Alabama
Bank, and First Alabama Bancshares collectively as "the Bank.") In its counterclaim and third-party complaint, Power Equipment
alleged that the Bank was liable to it on the following theories: breach of contract; breach of duty of good faith; breach
of fiduciary duty; fraud; conversion; wrongful disclosure of financial information; and racketeering.