Missouri Court of Appeals August 12, 2003, ED 81633 (Jones Co. Custom Homes of Tennessee v. Commerce Bank, N.A.)

LAWRENCE G. CRAHAN, Judge.

The Carothers Development Partnership (“Seller”) appeals the judgment enjoining payment of a letter of credit in its favor. We reverse and remand.

Seller owned a 143 acre tract in Franklin, Tennessee. Seller held the property as a land speculator with the intention of ultimately selling it to a third party for development. Jones Company Custom Homes of Tennessee, Inc.