Dallas Bank & Trust Co. v. Commonwealth Development Corp.

STOREY, Justice.

This appeal arises from an interpleader action filed by Dallas Bank and Trust Company against the beneficiary of its letter of credit and its customers (the account parties) for whom the letter of credit was issued. The beneficiary, Commonwealth Mortgage Corporation (successor to United Financial Corporation, the named beneficiary), recovered summary judgment in the interpleader action for the full amount of the funds tendered. After severance of the summary judgment, the account parties, American Industries Investments, Inc., and Forty-Five Fifteen Corporation, were granted…