Gunn-Olson-Stordahl Joint Venture v. Early Bank

OPINION

McCLOUD, Chief Justice.

Gunn-Olson-Stordahl Joint Venture presented an instrument labeled “letter of credit” to The Early Bank for payment. The Early Bank refused to honor the “letter of credit” and filed suit interpleading Gunn-Olson-Stordahl and Joe Gilbreth. 1 The Early Bank tendered the disputed funds into the registry of the court. Ben D. Sudderth, who had signed the instrument in his capacity as Chairman of the Board of The Early Bank, intervened stating that he had agreed to hold the bank harmless on the “letter of credit.” 2 Sud-derth filed a motion for summary judgment which…