In 2011, Legacy Bank (creditor) loaned Canyon Drilling Company (debtor) money for a promissory note and security interest in Canyon’s assets, including its accounts receivable. The parties already had a lockbox agreement allowing Legacy to receive payments directly from Canyon customers. The note, security, and lockbox agreements all contained nonwaiver clauses that said Legacy could not waive its rights without a signed writing. In 2012, two trade creditors, Fab Tech Drilling Equipment, Inc. and Impulse Electric, Ltd. (creditors) obtained a $1.66 million default judgment against Canyon. In January 2013, the creditors filed garnishment proceedings against the Thompsons, who owed Canyon money. Legacy intervened, claiming a senior perfected interest in Canyon’s accounts receivable. The Thompsons interpleaded and deposited the disputed funds into the court registry. Meanwhile, Legacy loaned Canyon yet another $2 million and did not initiate foreclosure until April 2014. The jury found Legacy waived its security interest and awarded the disputed funds to the trade creditors. Legacy appealed.