Court of Appeals for the Fifth Circuit January 15, 1981, 80-7407 (The Merchants National Bank of Mobile, a National Banking Association v. Bernie B. Bierman)

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, Bier-man was to repay the loan in ten equal monthly installments of $8,075.54.