American National Bank of Beaumont v. Sneed's Shipbuilding, Inc.

OPINION

BURGESS, Justice.

This litigation arose from a transfer of funds out of an interest bearing certificate of deposit belonging to the bankruptcy estate of Sneed’s Shipbuilding, Inc. to a non-interest bearing checking account. The damages sought were the interest that would have been earned had the transfer not been made. The case was submitted to the trial court on a stipulation of facts. The trial court entered judgment against the bank. The bank appeals, bringing forth five points of error.

In September 1976, Sneed’s Shipbuilding, Inc. filed a petition in the United States District Court…