East End Bank v. Joseph A. Childress, Joseph A. Childress v. East End Bank

CAMERON, Circuit Judge.

This is an interpleader action in which East End Bank and Joseph A. Childress, two assignees of sums due under Exco Corporation’s subcontract with R. P. Farnsworth & Company, Inc., claim the balance due under that contract. The subcontract provided for the construction by Exco of certain wharves at the Port of Houston. It provided for interim payments as the work progressed, and provided further for the retention by Farnsworth of ten percent of all sums earned pending completion of the job.

Exco assigned to appellant Bank a progress payment in the amount of $31,500…