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Contracts Keyed to Fuller
Bank One, Texas, N.A. v. Taylor
Citation:
970 F.2d 16 (5th Cir. 1992)Facts
In October 1984, Suzan Taylor, owner of Exploration Services, entered into an agreement with C.I. Oil to acquire an interest in a petroleum drilling prospect. She deposited $300,000 in two accounts at MBank to pay for this interest. The agreement specified that Taylor would authorize release of the funds once C.I. Oil transferred her interest and provided a well log showing the well had been drilled to the specified depth.
When a dispute arose between Taylor and C.I. Oil regarding the amount of lease interest to be conveyed, Taylor refused to authorize release of the funds. C.I. Oil made a written demand to MBank for $220,000. MBank responded by freezing Taylor’s accounts for almost four months, despite her repeated requests for access to her funds.
MBank eventually filed an interpleader action and refused to release the funds until Taylor signed a release absolving MBank from liability. The day after the interpleader action was dismissed, MBank demanded full payment on all four of Taylor’s outstanding loans within five days, even though two secured loans were not past due. MBank then repossessed Taylor’s Jaguar and yacht.
At trial, the jury found MBank liable for engaging in deceptive practices under the DTPA, tortiously interfering with Taylor’s business dealings, conspiring to harm her business, and failing to act in good faith. The jury also found that the release Taylor signed was procured through economic duress and lacked valid consideration.
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