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GUNN-OLSON-STORDAHL v. EARLY BANK

No. 11-87-204-CV.

748 S.W.2d 316 (1988)

GUNN-OLSON-STORDAHL JOINT VENTURE, Appellant, v. The EARLY BANK, Early, Texas, and Ben D. Sudderth, Appellees.

Court of Appeals of Texas, Eastland.

Rehearing Denied May 5, 1988.

Attorney(s) appearing for the Case

John J. McKetta, III, Graves, Dougherty, Hearon & Moody, Austin, Stephen Ellis, Dist. Atty., Brownwood, for appellant.

Jim Parker, Comanche, Robert A. Junell, Webb, Stokes, Sparks, Parker, Junell & Choate, San Angelo, Gary R. Price, Price & Aduddell, G. Lee Haney, Brownwood, Ben D. Sudderth, Comanche, for appellees.

OPINION

McCLOUD, Chief Justice.

Gunn-Olson-Stordahl Joint Venture presented an instrument labeled "letter of credit" to The Early Bank for payment. The Early Bank refused to honor the "letter of credit" and filed suit interpleading Gunn-Olson-Stordahl and Joe Gilbreth.1 The Early Bank tendered the disputed funds into the registry of the court. Ben D. Sudderth, who had signed the instrument in his capacity as Chairman of the Board...

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