Metcalf State Bank v. Gaither

BOX, Judge:

An appeal by certain defendants and cross petitioners from the granting of a summary judgment on behalf of plaintiff.

This case arises from an industrial bond issue of Claremore Industrial Authority, a public trust of which the City of Claremore is beneficiary. Appellants (Bondholders) are the owners of some of the bonds. Ap-pellee, Metcalf State Bank, is the trustee for the bond issue under the “Indenture of Mortgage and Trust, Security Agreement and Assignment of Rentals” providing for the issuance of and the security for the bonds.

The Indenture required the Bank to pay the net…