First Nat. Bank of Guthrie v. Brown

1 In late 1975, John M. Brown, borrowed a little less than $17,000.00 from the First National Bank of Guthrie, the loans being evidenced by two separate notes. The loans, for personal use, were consumer credit loans. The loans were secured by a security agreement in a mobile home, an automobile, and by an assignment of certain commissions to be paid to Mr. Brown by an insurance company he worked for, Pennsylvania Life Insurance Company. The commissions assigned as collateral were renewable commissions, that is, commissions paid to Mr. Brown when policies he had initially sold were renewed.