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Cathey v. BancorpSouth Bank

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Federal district court granted summary judgment on the Section 526 SSCRA claims to the plaintiffs. A bank acquired by BancorpSouth had made a loan to Cathey's corporation. Cathey and his wife were listed as co-borrowers and also as guarantors and their personal house was one of the pieces of collateral. When Cathey was called up on active duty as a reservist, the bank declined to reduce the interest rate to 6%. Disastrous consequences ensued. Ultimately, the Catheys sued and the court granted summary judgment.
UPDATE: This case was scheduled to go to jury trial on the issue of damages beginning May 6, 2002. Instead, the case was settled. Read the Press Release announcing the settlement.

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