Bankers Trust of Louisiana v. Smith

WICKER, Judge.

Earl H. Smith, Jr. and his wife, Marianne Ross Smith, appeal a summary judgment in favor of the Federal Deposit Insurance Corporation, as receiver for Bankers Trust of Louisiana, a now-defunct bank. We reverse and remand.

Mr. and Mrs. Smith, on behalf of Win-field Jewelers, Inc., executed a collateral chattel mortgage and promissory note to secure the debt of the corporation to Bankers. They also personally executed a collateral mortgage and note, with their house in Kenner as security, for the same purpose. These security instruments were executed on June 19, 1984, and pledged…