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SCHRANZ v. I.L. GROSSMAN, INC.

No. 79-359.

90 Ill. App.3d 507 (1980)

412 N.E.2d 1378

PAUL J. SCHRANZ, II, et al., Plaintiffs-Appellees, v. I.L. GROSSMAN, INC., et al., Defendants-Appellants.

Appellate Court of Illinois — First District (5th Division).

Opinion filed November 7, 1980.

Attorney(s) appearing for the Case

Allen C. Engerman, Barry A. Erlick, and Jerry A. Esrig, all of Solomon, Rosenfeld, Elliott, Stiefel & Engerman, Ltd., of Chicago, for appellants.

Philip M. Bloom and Jeffrey J. Keck, both of Bloom, Denberg & Vanasco, Ltd., of Chicago, for appellees.

Affirmed in part, and reversed in part and remanded.

Mr. JUSTICE LORENZ delivered the opinion of the court:

Plaintiffs brought this action on a promissory note made by defendant I.L. Grossman, Inc. (Grossman), and guaranteed by defendant Evans Mill Supply Co. (Evans), to a third party Pro's, Inc. (Pro's), who later transferred these instruments to the plaintiffs. Following a bench trial, the trial court found plaintiffs to be holders in due course of a security...

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