Southern Ready Mix v. AmSouth Bank

This appeal is from an interpleader action in which two unsecured creditors challenged another creditor's assertion that it is secured by a security agreement. The specific issue is whether the trial court, in entering a summary judgment in favor of AmSouth Bank, N.A., properly held that AmSouth's security agreement was valid and enforceable against two unsecured creditors because of a so-called "dragnet" provision in the security agreement.

The undisputed facts are as follows: In connection with the construction of a section of an Alabama state highway, Milton Construction Company, Inc.…