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GULF ATLANTIC LIFE INS. CO. v. PRICE

No. 1075.

566 S.W.2d 381 (1978)

GULF ATLANTIC LIFE INS. CO., Appellant-Appellee, v. Jack PRICE et al., Appellees-Appellants.

Court of Civil Appeals of Texas, Tyler.

Rehearing Denied June 8, 1978.

Attorney(s) appearing for the Case

Bruce W. Bowman, Jr., Turner, Rodgers, Sailers, Jordan & Calloway, Dallas, H. P. Smead, Jr., Longview, for appellant.

Lynn S. Patton, Fisher, Patton & McLemore, Longview, Jack N. Price, Price & William, Austin, for appellees.

DUNAGAN, Chief Justice.

On June 28, 1971, the appellant, Gulf Atlantic Life Insurance Company (hereafter referred to as Gulf Atlantic), agreed to make a loan to Jack Price and Janet Price and one Richard D. Kennedy, in the amount of $260,000. According to this agreement, it was contemplated that the loan would be for a term of two years (later changed to one year) with interest payable monthly at the rate of 10% per annum and a payment of $600 to be made each month...

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