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PONTCHARTRAIN STATE BANK v. LYBRAND

Civ. A. No. 91-3076.

799 F.Supp. 633 (1992)

PONTCHARTRAIN STATE BANK, formerly known as Louisiana Commercial Bank v. Eloyease Watkins LYBRAND, Ronald Lybrand, Jeanne Sutton Davis, and William C. Davis, Jr.

United States District Court, E.D. Louisiana.

July 16, 1992.

Attorney(s) appearing for the Case

Paul John Mirabile, Mariann Crapanzano, Middleberg, Riddle & Gianna, New Orleans, La., for plaintiff.

Warren Joseph Pickle, Nelkin & Pickle, Metairie, La., for defendants.

OPINION AND REASONS

McNAMARA, District Judge.

This matter was submitted for trial on the documents. It presents a single question of law: Is the maker of a collateral mortgage and collateral mortgage note personally liable when the collateral mortgage note is pledged as security on behalf of a third party?

Background

The collateral mortgage is a security device peculiar to Louisiana. It operates, more or less, as an open line of...

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