Third National Bank in Nashville v. McCord

OPINION

TODD, Presiding Judge, Middle Section.

The background of this suit involves three banks and a number of individuals. However, the remaining issue on appeal is between Third National Bank and Commerce Union Bank as to the right to proceeds of the sale of mortgaged property. The Chancellor rendered summary judgment disallowing the claim of Third National which has appealed.

The uncontradicted evidence shows the following pertinent facts:

On July 11, 1979, Mr. and Mrs. McCord borrowed $64,800.00 from First Tennessee Bank secured by a duly recorded trust deed upon certain land.

On September 2,…