Court of Appeals of Texas May 18, 1978, 1075 (Gulf Atlantic Life Ins. Co. v. Price)

DUNAGAN, Chief Justice.

On June 28, 1971, the appellant, Gulf Atlantic Life Insurance Company (hereafter referred to as Gulf Atlantic), agreed to make a loan to Jack Price and Janet Price and one Richard D. Kennedy, in the amount of $260,000. According to this agreement, it was contemplated that the loan would be for a term of two years (later changed to one year) with interest payable .