Carroll Childers v. Pumping Systems, Inc.

JERRE S. WILLIAMS, Circuit Judge:

Carroll Childers brought suit in Texas state court to recover stock held in escrow by Texas American Bank. His suit was based upon the claim that Pumping Systems, Inc. and Jerry Pettengill breached a previous settlement agreement. Pumping Systems, Inc. and Pettengill countersued seeking a declaratory judgment that they did not breach the agreement. The FDIC removed the ease to federal district court when it became receiver for the insolvent Texas American Bank. The district court adopted the state court’s holding that there was no breach but that Childers…