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PRICE v. GULF ATLANTIC LIFE INS. CO.

No. 8879.

621 S.W.2d 185 (1981)

Jack N. PRICE and Janet Price, Appellants, v. GULF ATLANTIC LIFE INSURANCE COMPANY, Appellee.

Court of Civil Appeals of Texas, Texarkana.

Rehearing Denied August 18, 1981.

Attorney(s) appearing for the Case

Jack N. Price, Austin, Lynn S. Patton, Fisher, Patton & Nix, Longview, for appellants.

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

CORNELIUS, Chief Justice.

In 1971, Gulf Atlantic Insurance Company made a commitment to make P & K Properties a real estate loan. The loan was to be for $260,000.00 and was to be secured by a first lien upon commercial real estate allegedly worth $380,000.00. In response to the commitment, the loan was ultimately made to P & K Properties and personally guaranteed by Mr. and Mrs. Jack Price who were part owners with Richard Kennedy in P & K Properties....

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