BARNARD v. FIRST NAT. BK. OF OKALOOSA CTY.

No. BF-28.

482 So.2d 534 (1986)

Carl E. BARNARD, and Wife, Louise Barnard and Barnard Development Company, Appellants, v. FIRST NATIONAL BANK OF OKALOOSA COUNTY, Appellee.

District Court of Appeal of Florida, First District.

February 4, 1986.


Attorney(s) appearing for the Case

William E. Bond, Jr., and Millard L. Fretland, of Clark, Partington, Hart, Hart & Johnson, Pensacola, for appellants.

Michael Wm Mead, Fort Walton Beach, for appellee.


SHIVERS, Judge.

This is an appeal from a deficiency judgment entered in favor of appellee, First National Bank of Okaloosa County. We reverse.

The appellants in this case initially purchased the property in question in 1966, as part of a larger parcel which they intended to develop into a subdivision. In 1982 they borrowed $50,000 from appellee, mortgaging seven residential lots in the subdivision as security for the loan. At the time of the loan the appraisal...

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