Al Gailani v. Riyad Bank Houston Agency

OPINION

RICHARD BARAJAS, Chief Justice.

This is an appeal from an order granting summary judgment in favor of Riyad Bank Houston Agency, (Plaintiff/Appellee), on its underlying suit to collect on a promissory note. For reasons stated below, we reverse and remand.

I. SUMMARY OF THE EVIDENCE

On September 15, 1993, Riyad Bank, Houston Agency, (“Riyad”), executed a loan agreement with PanAmerican Supply Company, (“PanAmerican”), under which Riyad agreed to extend to Pan American a $2,000,000 fine of credit. As collateral for the loan, PanAmerican agreed to give a “first priority security interest in…