Gulfco Finance Co. v. King

DOUCET, Judge.

In October of 1985, defendants, Ira and Ruth King, renewed a loan with Gulfco Finance Company (Gulfco). Accordingly, defendants signed a promissory note in the amount of $28,233.24 which included finance charges, credit life insurance premium, and official fees. As security for the loan, defendants executed a collateral mort*802gage on Lot Number 36 of the Shady Acres Subdivision in Ferriday, Louisiana. The collateral mortgage was executed in favor of Gulfco on the same date.

Defendants signed a Federal Disclosure Statement and such statement indicates that no property insurance was…