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application was, inter alia, boat maintenance. The 1992 loan
application indicated, inter alia, that the Quissett was to
secure3 the 1992 loan and that the value of the Quissett was
$110,000. Petitioners’ loan balance with Credit Union before
they received the 1992 loan was $8,132.83, and their loan balance
with Credit Union after they received that loan was $82,500.
On June 16, 1993, petitioners applied for a loan of $20,000
(1993 loan) from Credit Union by completing and signing a loan
application (1993 loan application). The purpose of that loan as
stated in that loan application was “REMODEL CABIN” and “BOAT
MAINT”. The 1993 loan application indicated, inter alia, that
the Quissett was to secure4 the 1993 loan and that the value of
the Quissett was $170,000. Petitioners’ loan balance with Credit
Union before they received the 1993 loan was $76,074.11, and
their loan balance with Credit Union after they received that
loan was $96,074.11.
On May 24, 1994, petitioners applied for a loan of $15,000
(1994 loan) from Credit Union by completing and signing a loan
3The terms of the security agreement that petitioners en-
tered into by signing the 1992 loan application were on the
reverse side of that document. The record does not contain a
copy of the reverse side of the 1992 loan application and the
terms of that security agreement.
4The terms of the security agreement that petitioners en-
tered into by signing the 1993 loan application were on the
reverse side of that document. The record does not contain a
copy of the reverse side of the 1993 loan application and the
terms of that security agreement.
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