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UNITED STATES v. MERCHANTS & MARINE BANK

No. 47449.

292 So.2d 151 (1974)

UNITED STATES of America by Robert E. Hauberg on Behalf of its Agency, I.R.S. v. MERCHANTS & MARINE BANK.

Supreme Court of Mississippi.

Rehearing Denied April 15, 1974.

Attorney(s) appearing for the Case

Robert E. Hauberg, Jackson, Richard S. Halberstein, Atty., Dept. of Justice, Washington, D.C., for appellant.

Ford, Moore, Jones & Colmer, Pascagoula, for appellee.

SUGG, Justice:

This is an appeal from a decree of the Chancery Court of Jackson County establishing the priority of claims to $15,000 in interpleaded funds.

The facts in this case are not in dispute. On April 3, 1968, W. & A. Construction Co. (W. & A.) and Merchants and Marine Bank (Bank) executed a security agreement whereby the Bank agreed to lend W. & A. amounts up to $75,000 to be secured under the terms of the agreement. The security interest...

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