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PHENIX-GIRARD BANK v. COBB

81-401.

416 So.2d 748 (1982)

PHENIX-GIRARD BANK v. Homer D. COBB, Jr., et al.

Supreme Court of Alabama.

July 2, 1982.

Attorney(s) appearing for the Case

Sydney S. Smith of Smith & Smith, Phenix City, for appellant.

James E. Butler, Jr., of Butler & Blackwood, Columbus, Ga., for appellees.

FAULKNER, Justice.

On June 12, 1979, Homer and Bernice Cobb, plaintiffs below, executed a mortgage on their house and surrounding property in favor of Phenix-Girard Bank. In exchange, Phenix-Girard Bank agreed to loan the Cobbs $38,000.00. The alleged purpose of the loan was to permit Mr. Cobb to consolidate other debts in order to avoid bankruptcy. The Bank never disbursed any of the loan funds to the Cobbs. On October 9, 1979, Homer Cobb filed a voluntary petition...

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