Jackson Walker L.L.P. successfully obtained a summary judgment on behalf of its client Compass Bank in an interpleader action before the Hon. Gray H. Miller in the U.S. District Court for the Southern District in Houston.
Westlake Chemicals interpled $1.5 million in settlement of a dispute concerning construction services performed by Quality Contract Services, Inc. in Louisiana. Compass Bank, as successor to Texas State Bank, the lender to Quality; the Internal Revenue Service; and Louisiana Crane, a subcontractor of Quality, all claimed liens on the funds.
In the interpleader action, the Court was asked to rule which party had the superior claim to the interpled funds. Jackson Walker attorneys Lisa Powell and Jennifer Bryant argued that (i) Compass had perfected its security interest in the proceeds of the accounts receivable under both Texas and Louisiana law prior to any perfection of the rights of the IRS, and (ii) Louisiana Crane did not have a lien under Louisiana law. After Compass filed its motion for summary judgment, the IRS conceded that the lien of Compass was superior to its lien.
The Court granted Compass’ summary judgment motion, denied the motion filed by Louisiana Crane and entered judgment in favor of Compass in the amount of $1,486,244.40 plus accrued interest.
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