Ticor Title Insurance Co. v. Lacy

On motion for rehearing of petitioner’s application for writ of error, we withdraw our prior judgment and opinion, and the following is substituted.

J.H. Lacy, trustee for owners of a parcel of property, sued Sullivan Investments, Inc., for alleged breach of a sales contract, as well as Ticor Title Insurance Company for alleged breach of its fiduciary duty to Lacy to issue a sight draft on a letter of credit it held as security for the transaction. Among the claims in his original petition, Lacy sought to recover punitive damages from Ticor and attorney’s fees from both parties. Four years…