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COLONIAL BANK v. TAYLOR MORRISON SERVS.

No. 5D08-1057.

10 So.3d 653 (2009)

COLONIAL BANK, N.A., Appellant, v. TAYLOR MORRISON SERVICES, INC., Earley Development, Inc., Hubert R. Earley, and M and T Bank, Appellees.

District Court of Appeal of Florida, Fifth District.

Rehearing Denied June 4, 2009.

Attorney(s) appearing for the Case

J. Stephen McDonald and Stephanie L. Knott of Shuffield, Lowman & Wilson, P.A., Orlando, for Appellant.

Howard S. Marks and Christy T. Nash of Graham, Builder, Jones, Pratt & Marks, LLP, Winter Park, for Appellee, Taylor Morrison Services, Inc.

Ladd H. Fassett of Fassett, Anthony & Taylor, Orlando, for Appellees, Earley Development, Inc., and Hubert R. Earley.

PER CURIAM.

Colonial Bank, N.A., brings this interlocutory appeal from an order temporarily enjoining M and T Bank from releasing the proceeds of a $2 million letter of credit1 to Colonial Bank. We reverse.

Taylor Morrison Services, Inc., (f/k/a Morrison Homes, Inc.) agreed to pay a $2 million deposit, in the form of a letter of credit, to secure a loan from Colonial Bank to finance the development of a townhome subdivision on...

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