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                                                                   Exhibit 10(j)
                                 PROMISSORY NOTE


$275,000.00                                                  As of July 20, 1999

         FOR VALUE RECEIVED, the undersigned, ARTHUR L. CAHOON ("Maker"), hereby
promises to pay to the order of MOBILE AMERICA CORPORATION ("Payee"), a Florida
corporation, at the office of the Payee at 10475-110 Fortune Parkway,
Jacksonville, Florida 32256, or such other place as the holder may designate in
writing, the sum of Two Hundred Seventy-five Thousand and No/100 Dollars
($275,000.00) or such lesser amount as may be outstanding from time to time.
This Note will not bear interest so long as Maker performs "substantial
services" for Payee as contemplated by Internal Revenue Code Section and the
regulations promulgated or proposed thereunder (the "Regulations"). Thereafter,
if not prepaid, this Note shall bear interest at a rate equal to the lesser of
(i) the applicable federal rate on the date hereof or (ii) the applicable
federal rate on the date Maker no longer performs such "substantial services".
Such applicable federal rate shall be calculated as set forth in the
Regulations. Interest on this Note shall be computed on the basis of a 360-day
year and shall be due and payable on the last day of December of each year,
beginning on the last day of the first full calendar year in which Maker no
longer performs such substantial services, except as may be provided otherwise
below. Any such due and payable interest which is not paid on the last day of
any calendar year shall be added to the principal amount hereunder and shall
bear interest thereafter at the interest rate provided herein.

         Nothing contained herein shall entitle the holder of this Note to
demand or collect interest or charges in the nature of interest in excess of
that permitted by law and if any such excess is collected, it shall be promptly
paid to the Maker together with interest thereon at the highest lawful rate in
effect at the time of such overcharge.

         All obligations of Maker hereunder are secured by the Management Stock
Pledge Agreement encumbering shares of common stock of Mobile America
Corporation ("Shares") purchased by Maker (the "Stock Pledge"). The Shares have
been issued by Holder to Maker under the Mobile America Corporation Incentive
Plan.

         The entire principal, together with all accrued but unpaid interest,
shall be due and payable on the earlier of (i) the fifth (5th) year anniversary
of the date of this Note or (ii) on the date on which there are no remaining
Shares subject to the Stock Pledge.

         This Note may be prepaid in whole or in part without penalty at any
time. Any partial prepayment shall be applied first against accrued but unpaid
interest, and then against outstanding principal. After maturity, whether normal
maturity or upon acceleration, the unpaid principal balance of this Note and, to
the extent permitted by law, any accrued but unpaid interest thereon, shall
accrue interest until paid in full at the lesser of five percent (5%) per annum
in excess of the stated rate or the highest rate permitted by law.

         The obligations of Maker hereunder are recourse as to Maker except to
the extent provided in the Management Stock Pledge Agreement.

         If default be made in the payment of any amounts required to be paid
under this Note for more than fifteen (15) days after notice of default or if
there exists any event of default under the Stock Pledge, then the holder hereof
may, at its option, declare the entire principal balance and accrued interest to
be immediately due and payable without notice, time being of the essence.


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         The Maker and all endorsers and guarantors of this Note, now or
hereafter becoming liable hereon, waive demand, presentment, protest and notice
of protest and dishonor and all other notices or requirements which might
otherwise be necessary to bind them.

         If the Maker defaults under this Note, it shall be obligated to pay all
costs, including reasonable attorneys' fees, incurred by the holder in pursuing
its remedies hereunder and under any instrument securing this Note, including
costs and fees on appeal and in insolvency proceedings.

         This Note shall be governed by the laws of Florida.


                                          /s/ Arthur L. Cahoon
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                                          ARTHUR L. CAHOON


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