Bevins v. Peoples Bank & Trust Co.

OPINION

COMPTON, Justice.

At issue in this appeal from an inter-pleader action is which party is entitled to the rental income that was collected from an apartment complex before it was sold at a foreclosure sale — appellant Dr. William S. Bevins, who held a second deed of trust on the property, which was fully satisfied from the proceeds of the foreclosure sale, or ap-pellee Peoples Bank and Trust Co. (“Peoples Bank”), which held a third deed of trust on the property that was only partially satisfied from the proceeds of the sale. Both deeds contained provisions that, in the event of a…