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Jerry Payne owed the First State Bank of Pflugerville $342,000. The loan was secured by a 9.25 carat diamond ring . The bank claimed a default on the...

Jerry Payne owed the First State Bank of Pflugerville $342,000. The loan was secured by a 9.25 carat diamond ring . The bank claimed a default on the loan and, without notifying Payne, sold the ring. But the proceeds did not pay off the full debt, and the bank sued Payne for deficiency. Is Payne liable for the deficiency.

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