McCarthy Western Constructors, Inc. v. Phoenix Resort Corp.

OPINION

SHELLEY, Presiding Judge.

Defendant-appellant Phoenix Resort Corporation (Phoenix) appeals from the granting of a preliminary injunction preventing it from withdrawing money from a special *522construction fund escrow account (fund agreement).

FACTS AND PROCEDURAL HISTORY

McCarthy Western Constructors, Inc. (McCarthy), as general contractor, built the Phoenician Golf & Tennis Resort for Phoenix. To insure payment under the construction contract, the parties entered into a deposit account agreement dated April 17,1987. That agreement was funded with approximately $16,000,000. Subsequently, an…