Farm Credit Bank of Texas v. Bassett

JiSTEWART, Judge.

Defendants appeal a summary judgment whereby they were found liable to plaintiff for one-half of the balance due on a promissory note they assumed through the execution of an assumption deed in favor of the original makers. We reverse and remand.

FACTS

On September 27, 1979, James C. Steele, III and Gloria Dyke Steele executed a $220,-000 promissory note in favor of the Federal Land Bank of New Orleans (FLB) for the purchase of a 259.22 acre farm in Morehouse Parish, Louisiana. The debt had a variable interest rate beginning at 9.25% per annum, payable in twenty-five annual…