Hilton v. Texas Investment Bank, N.A.

OPINION

DRAUGHN, Justice.

Appellant, Wendell Gayle Hilton, d/b/a Sprinkler Systems Supply, appeals from the granting of a summary judgment in favor of appellee, Texas Investment Bank. We reverse and remand.

Appellee, plaintiff in the court below, brought suit against appellant to recover a debt owing on a promissory note executed by appellant that was payable on demand to appellee. The note was secured by an assignment to appellee of a letter of credit issued by Industrial State Bank to Sprinkler Systems Supply, the beneficiary of the letter of credit. The letter of credit was in an amount equal…