Pavilion Hotel, Inc. v. Valley National Bank

OPINION

WEISBERG, Presiding Judge.

This lawsuit involves several bank accounts held at Valley National Bank of Arizona (“VNB”) in the name of Pavilion Hotel, Inc. (“PHI”) and Pavilion Services, Inc. (“PSI”). Mutual Life Insurance Company of New York (“MONY’) claims that it is entitled to the accounts pursuant to a security agreement between it and PHI. PHI and PSI appeal the granting of summary judgment in favor of MONY and the discharge of garnishee VNB from liability.

FACTS AND PROCEDURAL HISTORY

In 1985, a joint venture sought to construct and operate a hotel in Mesa, Arizona. In August 1985,…