Transamerica Insurance Co. v. Frost National Bank of San Antonio

KEITH, Justice.

Defendant, Transamerica, appeals from a judgment awarding plaintiffs a recovery upon a trust agreement executed by the defendant and third parties.

McKenzie Construction Company (hereinafter “contractor”) was engaged in work upon four large projects in several areas in Texas; and, in each instance, defendant was surety upon its performance and payment bonds on the several jobs. Before September 1, 1969, contractor became indebted to Frost National Bank and First National Bank of San Antonio (hereinafter “banks”) in a total sum greatly in excess of $100,000, the loans being…