Frio County v. Security State Bank of Pharr

TIREY, Justice.

This is a suit (non-jury) for declaratory judgment. The Security State Bank of Pharr brought this suit against Frio County to declare that it did not have the right to call in for payment prior to maturity certain road refunding bonds issued by Frio County and owned by plaintiff. The County contended that it had such right as a matter of law, and by way of cross-action asked the court, to declare that plaintiff’s right in the bonds was limited to receive the par value of the bonds and interest up to the date the bonds were called in for payment. The court found that the County…