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RILEY BLDG. SUP. v. FIRST CIT. NAT. BANK

No. 56348.

510 So.2d 506 (1987)

RILEY BUILDING SUPPLIES, INC. v. FIRST CITIZENS NATIONAL BANK.

Supreme Court of Mississippi.

July 15, 1987.

Attorney(s) appearing for the Case

Thomas A. Wicker, Holland, Ray & Upchurch, Tupelo, for appellant.

R.N. McNutt, Thomas D. Murry, Mitchell, McNutt, Bush, Lagrone & Sams, Tupelo, for appellee.

Before ROY NOBLE LEE, P.J., and ROBERTSON and ANDERSON, JJ.

ROBERTSON, Justice, for the Court:

I.

This appeal arises in a familiar context. The owner of a construction project defaults and the construction lender and materialmen scramble to minimize their losses. Today we are asked to decide whether such a construction lender owes, in favor of one holding an unperfected materialman's lien, a duty of reasonable diligence in disbursing to an owner proceeds of a construction loan, such that the materialman might recover...

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