Mayfair Building Corporation v. Oak Forest Bank

O’QUINN, Justice.

This suit was filed originally by Sharps-town State Bank against Mayfair Building Corporation, William Nathan, Great American Insurance Company, and others, seeking a declaratory judgment that a promissory note in the principal sum of $300,000 executed by Mayfair and Nathan to Sharpstown and a surety bond executed by Great American to secure the note were binding obligations.

After Sharpstown filed suit, Oak Forest Bank, appellee in this appeal, intervened as the holder of a certificate of participation in the note. Oak Forest purchased the certificate from Sharpstown for…