[Download] "Tezel & Cotter v. M. L. Roark" by Supreme Court of Texas " Book PDF Kindle ePub Free

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eBook details

• Title: Tezel & Cotter v. M. L. Roark
• Author : Supreme Court of Texas
• Release Date : January 20, 1957
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 53 KB

Description

This is an interpleader suit brought to determine priorities to certain funds tendered into court. The dispute concerns the rights of various creditors arising out of a contract to construct improvements on a homestead. Guy Fredet Spencer contracted to erect improvements upon the homestead of Ralph E. Fair and wife. Fair executed the written contract, but his wife did not. For a lien to arise on the homestead her signature is required. Art. 5460, Vernons Ann.Civ.Stats. After construction began but before the contract was completed, Spencer, the contractor, went to Frost National Bank and borrowed $10,000. He executed to the bank an assignment in that sum out of the funds due him from Fair. Tezel & Cotter and five other appellants furnished materials and labor on the Fair homestead job, and while they make no claim to a lien against the property, they claim they had prior claim to funds still in the hands of Fair. Spencer, the contractor, then became a voluntary bankrupt. When Spencer became bankrupt, Fair owed $14,974.68 on his contract and he tendered that sum into court and interpleaded all the creditors. The court recognized the assignment and awarded $10,000 to the bank, and the balance, less certain expenses, was awarded to M. L. Roark, Trustee in Bankruptcy. The court, in effect, held that the mechanics and materialmen had no lien and no claim on the funds. That was a correct judgment.

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