Ley v. Main Bank of Houston

OPINION

EVANS, Chief Justice.

The principal controversy in this appeal involves the interpretation of an agreement to purchase certain bank stock held as collateral by a lender.

*179Main Bank of Houston brought this action against Robert M. Ley alleging breach of a Collateral Purchase Agreement, which required Ley, upon the occurrence of certain conditions, to purchase certain stock pledged as collateral by parties who had borrowed money from the bank and then defaulted on their loans. Main Bank assigned the cause of action to Robert C. Lanier, and after a non-jury trial, the trial court entered…