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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
                                          --------------------------------------
                                          ARTHUR L. CAHOON

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                                                                   Exhibit 10(k)
                        MANAGEMENT STOCK PLEDGE AGREEMENT

                                                        Date: As of May 24, 1999

ARTHUR L. CAHOON (the "Debtor") and MOBILE AMERICA CORPORATION, a Florida
corporation (the "Secured Party"), agree as follows:

1.       SECURITY INTEREST. In consideration of a loan to the Debtor from the
         Secured Party to enable the Debtor to purchase shares of the Secured
         Party's Common Stock, the Debtor hereby pledges to the Secured Party
         and gives the Secured Party a continuing and unconditional security
         interest (the "Security Interest") in the following described property
         and in all increases and profits therefrom, in all substitutions
         therefor and in all proceeds thereof in any form (the "Collateral"):
         50,000 shares of Common Stock of Mobile America Corporation purchased
         from the issuer in a private offering. The Debtor has deposited with,
         and the Secured Party hereby acknowledges receipt of, stock
         certificates for the Collateral, together with stock powers endorsed in
         blank by the Debtor.

2.       INDEBTEDNESS SECURED. This Agreement and the Security Interest created
         by it secure payment of all obligations of any kind owing by the Debtor
         to the Secured Party (the "Indebtedness") pursuant to a Promissory Note
         of even date herewith executed pursuant thereto by the Debtor in favor
         of the Secured Party (the "Note"). The Note, this Agreement and any
         other documents executed in connection therewith are referred to
         collectively as the "Transaction Documents."

3.       WARRANTIES OF DEBTOR. Debtor represents and warrants and, so long as
         the Indebtedness remains unpaid, shall be deemed continuously to
         represent and warrant that (a) each item constituting Collateral is
         genuine and in all respects what it purports to be; (b) Debtor is the
         owner of the Collateral free of all security interests or other
         encumbrances except the Security Interest; and (c) Debtor is authorized
         to enter into this Security Agreement.

4.       IRREVOCABLE PROXY. The Debtor irrevocably constitutes and appoints the
         Secured Party, as the Debtor's Proxy with full power to (a) attend all
         meetings of shareholders of the issuer of the Collateral (the
         "Company") held after the date of this Agreement and to vote the
         Collateral at those meetings in such manner as the Secured Party shall
         in its sole discretion deem appropriate; (b) to consent in the sole
         discretion of the Secured Party to any action by or concerning the
         Company for which the consent of the shareholders of the Company is or
         may be necessary or appropriate; and (c) without limitation to do all
         things which the Debtor could do as a shareholder of the Company,
         giving to the Secured Party full power of substitution and revocation.
         Notwithstanding the foregoing, the Debtor alone shall have the rights
         under this paragraph and the Secured Party may not exercise those
         rights so long as no Event of Default has occurred. The proxy contained
         in this paragraph shall terminate when this Security Agreement
         terminates as provided in Paragraph 10. The Debtor hereby revokes all
         proxies heretofore given to any person or persons and agrees not to
         give any other proxies in derogation of this proxy so long as this
         Security Agreement is in force.

5.       COVENANTS OF DEBTOR. So long as this Agreement has not been terminated
         as provided in Paragraph 10, the Debtor (a) will defend the Collateral
         against the claims of all persons; (b) will keep the Collateral free
         from all security interests or other encumbrances except the Security
         Interest; (c) will not assign, sell, transfer, deliver or otherwise
         dispose of the Collateral or any interest therein or attempt to do the
         same without the prior written consent of the Secured Party; (d) will
         notify the Secured Party promptly in writing of any change in the
         Debtor's address, name or identity specified above; and (e) will pay
         taxes, assessments and other charges of every nature which may be
         levied or assessed against the Collateral.

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6.       INCOME AND COLLATERAL. Any cash dividends paid by the Company with
         respect to the Collateral shall be automatically credited against
         amounts then due under the Indebtedness, but any dividends in excess of
         amounts then due under the Indebtedness shall be paid to the Debtor and
         shall not be applied to prepay the Indebtedness unless the Debtor
         directs otherwise.

7.       INCREASES, PROFITS OR DISTRIBUTIONS.

         a) Whether or not an Event of Default has occurred, the Debtor
         authorizes the Secured Party (i) to receive any increase in or stock
         dividends on the Collateral (other than cash dividends) and any
         distribution upon the dissolution and liquidation of the issuer of any
         Collateral; (ii) to surrender such Collateral or any part thereof in
         exchange therefor; and (iii) to hold the receipt from any such
         distribution or increase as part of the Collateral.

         b) If the Debtor receives any such increase, profits or distribution,
         the Debtor will deliver such receipts promptly to the Secured Party to
         be held by the Secured Party as provided in this paragraph.

8.       DEFAULT.

         a) Any of the following events or conditions shall constitute an "Event
         of Default" hereunder: (i) non-payment of any Indebtedness when due for
         more than 15 days after notice of default, or failure by the Debtor to
         perform any obligations under this Agreement or any other Transaction
         Document after written notice of default and a reasonable opportunity
         to cure; (ii) filing by the Debtor of a petition in bankruptcy or for
         reorganization under any bankruptcy, reorganization, compromise
         arrangement, insolvency, readjustment or debt dissolution, liquidation
         or similar law of any jurisdiction; (iii) the making of a general
         assignment by the Debtor for the benefit of creditors; or (iv) filing
         against the Debtor of any petition in bankruptcy or for reorganization
         or for the appointment of a receiver, trustee, custodian or similar
         official for the Debtor or for any of the Debtor's assets as to which
         the Debtor by any act indicates its approval therefor or consent or
         acquiescence therein, or entry of an order approving such petition or
         such appointment which remains unstayed and in effect for more than 30
         days.

         b) The Secured Party may declare all or any part of the Indebtedness to
         be immediately due without notice upon the happening of any Event of
         Default.

         c) Upon the happening of any Event of Default, the Secured Party's
         rights with respect to the Collateral shall be those of a secured party
         under the Uniform Commercial Code and under any other applicable law
         from time to time in effect. The Secured Party shall also have any
         additional rights granted herein and any other agreement now or
         hereafter in effect between the Debtor and the Secured Party. If
         requested by the Secured Party, the Debtor will assemble the Collateral
         and make it available to the Secured Party at a place to be designated
         by the Secured Party.

         d) The Debtor agrees that any notice by the Secured Party of the sale
         or disposition of Collateral or any other intended action hereunder
         whether required by the Uniform Commercial Code or otherwise, shall
         constitute reasonable notice to the Debtor if the notice is mailed by
         certified mail, postage prepaid, at least fifteen days before the
         action to the Debtor's address as specified in this Agreement or to any
         other address which the Debtor has specified in writing to the Secured
         Party as the address to which notices shall be given to the Debtor.

         e) The Debtor shall be liable only for one-third of any deficiency in
         the event that disposition of the Collateral does not satisfy the
         Indebtedness in full.

9.       MISCELLANEOUS.

         a) In the event of any litigation arising out of or relating to this
         Agreement, the prevailing party shall be entitled to reasonable
         attorney's fees and expenses from the losing party, whether incurred
         before or at trial, on appeal or in insolvency proceedings.

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         b) The Debtor appoints the Secured Party as the Debtor's
         attorney-in-fact to perform all acts which the Secured Party deems
         appropriate to perfect and continue the Security Interest, to protect
         and preserve the Collateral and to indorse and transfer all or any part
         of the Collateral.

         c) Upon the Debtor's failure to perform any of its duties hereunder,
         the Secured Party may, but it shall not be obligated to, perform any of
         such duties and the Debtor shall forthwith upon demand reimburse the
         Secured Party for any expense incurred by the Secured Party in so
         doing.

         d) No delay or omission by the Secured Party in exercising any right
         hereunder or with respect to any Indebtedness shall operate as a waiver
         of that or any other right and no single right, and no single or
         partial exercise of any right shall preclude the Secured Party from any
         other or further exercise of that right or the exercise of any other
         right or remedy. The Secured Party may cure any default by the Debtor
         in any reasonable manner without waiving the default so cured and
         without waiving any other prior or subsequent default by the Debtor.
         All rights and remedies of the Secured Party under this Agreement and
         under the Uniform Commercial Code shall be deemed cumulative.

         e) The terms "Secured Party" and "Debtor" as used in this Agreement
         include the heirs, personal representatives and successors or assigns
         of those parties.

         f) This Agreement may not be modified or amended nor shall any
         provision of it be waived except by in writing signed by the Debtor and
         by an authorized officer of the Secured Party.

         g) This Agreement shall be construed under the Uniform Commercial Code
         of Florida and any other applicable Florida laws in effect from time to
         time.

         h) This Agreement is a continuing agreement which shall remain in force
         until all the Indebtedness shall be paid in full.

10.      WAIVER. The Debtor hereby waives any rights Debtor may have to notice
         and a hearing before possession or sale of collateral is effected by
         Secured Party by self-help, repletion, attachment or otherwise.

                                           /s/ Arthur L. Cahoon
                                           -------------------------------------
                                           ARTHUR L. CAHOON

                                                                  Debtor

                                                MOBILE AMERICA CORPORATION

                                                By
                                                  ------------------------------
                                                  Its:
                                                      --------------------------

                                                              Secured Party

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