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CASEY v. BUSINESS MEN'S ASSUR. CO. OF AMERICA

No. 82-1438.

706 F.2d 559 (1983)

Glenn W. CASEY, Johnnie C. Fields, Dorr E. Hampton and Robert L. Peters, Plaintiffs-Appellants, v. BUSINESS MEN'S ASSURANCE COMPANY OF AMERICA, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

June 6, 1983.

Attorney(s) appearing for the Case

Henry J. Novak, Jr., Austin, Tex., for plaintiffs-appellants.

Robert J. Hearon, Jr., Austin, Tex., for defendant-appellee.

Before BROWN, REAVLEY and RANDALL, Circuit Judges.

PER CURIAM:

In 1973, Glenn W. Casey, Johnnie C. Fields, Dorr E. Hampton and Robert L. Peters, plaintiffs-appellants in this case, borrowed $350,000 from a mortgage banking firm under loan documents which contained a "due-on-sale" clause and a provision precluding prepayment of the indebtedness for a period of ten years. The loan, which was secured by a first mortgage on a shopping center, was almost immediately purchased by Business Men's Assurance Company of America...

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