UTG INC
SOUTHWEST BANK LINE OF CREDIT
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>25
<FILENAME>exhibit103.htm
<DESCRIPTION>SOUTHWEST BANK LINE OF CREDIT
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<TITLE>exhibit103</TITLE>
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                                                                    Exhibit 10.3

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<IMG SRC="southwestbankloc2.gif" HEIGHT="989" WIDTH="765" ALT="Southwest Bank LOC page 2">
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