Adams v. BAY MINETTE PRODUCTION CREDIT ASS'N

This is an appeal from summary judgment granted in favor of plaintiff-appellee.

Bay Minette Production Credit Association filed suit on a promissory note executed by Offshore Trawlers, Inc. and appellant on January 30, 1980. The promissory note arose out of these facts: Bay Minette Production Credit Association arranged to make a shrimp boat loan to Offshore Trawlers, Inc. and Thomas C. Adams, III as co-maker. Under the provisions of12 U.S.C. § 2094 (1982), a borrower must own Production Credit Association Class "B" Stock, at value of $5 per share, equal to ten percent of his indebtedness to…