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MERCANTILE NAT. BANK AT DALLAS v. McCULLOUGH TOOL CO.

No. A-3833.

259 S.W.2d 724 (1953)

MERCANTILE NAT. BANK AT DALLAS v. McCULLOUGH TOOL CO.

Supreme Court of Texas.

Rehearing Denied July 22, 1953.

Attorney(s) appearing for the Case

Carrington, Gowan, Johnson & Walker, Paul Carrington and Hubert D. Johnson, Dallas, for petitioner.

Fleming A. Waters, Cisco, R. R. Holloway, Brownwood, for respondent.

WILSON, Justice.

This controversy determines which of two creditors shall bear a portion of the loss caused by the failure of an oil company. The determining question: May a third party action be brought upon a contract under which a bank agrees to lend money to an oil company to be disbursed to its creditors from a deposit account? The answer is "No" where (as here) the oil company has not authorized the bank to pay the specific account in a manner meeting the bank...

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