Rancho Camille, S.A. v. Beachum

HALL, Justice.

Plaintiffs-appellees Dr. Jerry Beachum and wife Ann Berset Beachum owned approximately 430 acres of land located in Bosque County, Texas. On February 11, 1975, plaintiffs obtained a loan of $134,-000.00 from the Federal Land Bank of Houston to pay off an existing indebtedness on the 430 acres. They executed their promissory note to the Land Bank in the principal sum of the loan. The note was payable in installments, the last installment being due on September 1, 2004. Plaintiffs also executed a deed of trust on the 430 acres in favor of the Land Bank to secure payment of the…