The problem was very simple. There were 2 textfields on the screen - one after the other. Both of which have an OnBlur call to a routine that simply validates that the fields are not left blank.
The solution to this is very simple - Just keep a global variable that points to the current object being validated and check that inside the function. Here is the script for doing so:
function NoBlank(object, label)
if (currentObjectName!=''; currentObjectName!= object.name) return;
if (object.value == "")
lc_name = label;
alert(lc_name + " input field cannot be blank!")