Chase Manhattan Bank v. State

Petitioner, Chase Manhattan Bank (hereinafter referred to as "Chase”), commenced this proceeding seeking a judgment directing the State to turn over to petitioner certain moneys held by the Comptroller for the account of one Brown. The facts are lengthy, but not in dispute. On July 23, 1964, the State entered into a contract with Francis L. Brown, doing business as Brown Engineers, for certain survey and design work. On November 17, 1964 Brown executed promissory notes and a general security agreement for loans made or to be made to Brown by Chase. The agreement granted Chase a security…