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MERCHANTS NAT. BANK OF MOBILE v. BIERMAN

No. 80-7407 Summary Calendar.

634 F.2d 281 (1981)

The MERCHANTS NATIONAL BANK OF MOBILE, a national banking association, Plaintiff-Appellee, v. Bernie B. BIERMAN, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit, Unit B.

January 15, 1981.

Attorney(s) appearing for the Case

Charles G. Black, Memphis, Tenn., for defendant-appellant.

Richard T. Dorman, Andrew L. Smith, Mobile, Ala., for plaintiff-appellee.

Before RONEY, FRANK M. JOHNSON, Jr. and HENDERSON, Circuit Judges.

PER CURIAM:

In February 1978, Merchants National Bank of Mobile (Merchants) loaned defendant Bierman $76,610.78 to prepay annual insurance premiums. The parties simultaneously executed a promissory note evidencing the loan and a premium financing contract. Pursuant to the contract, Bierman was to repay the loan in ten equal monthly installments of $8,075.54. Bierman paid the first two installments, but made no further payments after the insurance policies were cancelled...

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