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THIRD NAT. BANK, ETC. v. HIGHLANDS INS. CO.

603 S.W.2d 730 (1980)

THIRD NATIONAL BANK IN NASHVILLE, Appellee, v. HIGHLANDS INSURANCE COMPANY, Appellant.

Supreme Court of Tennessee.

August 25, 1980.

Attorney(s) appearing for the Case

Dan E. McGugin, William P. Sutherland, Watkins, McGugin, McNeilly & Rowan, Nashville, for appellant.

I.C. Waddey, Jr., Andrew S. Neely, Waddey, Lundin & Newport, Nashville, for appellee.

OPINION

COOPER, Justice.

This is an action to determine the priority of claims against the proceeds of a judgment secured by a contractor against the owner of an improvement built by the contractor. The claimants are (1) the surety of the contractor that advanced monies to pay material and labor claims, who has an assignment from the contractor of the proceeds of the judgment as security for payment of the monies advanced, and (2) a bank holding a security...

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