American National Insurance Co. v. Gifford-Hill & Co.

GUITTARD, Chief Justice.

American National Insurance Company sued Gifford-Hill & Company, Inc., for a prepayment premium allegedly due on a promissory note because of premature payment of the entire balance of principal and accrued interest. Gifford-Hill denied that the written loan agreement between the parties required a prepayment premium under the circumstances. Gifford-Hill also pleaded an accord and satisfaction and discharge of the note by cancellation and surrender. Both parties moved for summary judgment. The trial court overruled American National’s motion and rendered judgment for…