Teague v. FIRST BANK & TRUST COMPANY

Marshall, Justice.

The First Bank & Trust Company brought suit against James Teague in the State Court of Cobb County to recover sums allegedly due under a promissory note, secured by a mortgage and deed to secure debt held by the bank. Subsequently, Teague filed suit against the bank in the Cobb Superior Court, arguing that the bank had acted fraudulently and in breach of fiduciary duty in applying certain monies to the mortgage held by the bank, which was a second mortgage on Teague’s property. Teague alleged that the bank had agreed with him to first apply these monies to the indebtedness…