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MELROSE PK NAT. BK v. MELROSE PK NAT. BK

No. 83-1308.

123 Ill. App.3d 282 (1984)

462 N.E.2d 741

MELROSE PARK NATIONAL BANK, Plaintiff-Appellee, v. MELROSE PARK NATIONAL BANK, Trustee, et al., Defendants (COUNTRYSIDE BANK, Defendant-Appellant).

Appellate Court of Illinois — First District (4th Division).

Rehearing denied May 8, 1984.

Attorney(s) appearing for the Case

Richards & Ralph Chartered, of Libertyville, for appellant.

Kolb & Grotto, Ltd., of Glen Ellyn, for appellee.

Judgment affirmed.

JUSTICE JIGANTI delivered the opinion of the court:

The issue central to this action is whether the security interest in a land trust possessed by the plaintiff, Melrose Park National Bank (Melrose), was a personal property security interest or an equitable mortgage. The beneficiaries of the land trust, who are not parties to this appeal, executed an assignment of their beneficial interest to Melrose, the trustee of the land trust, in order...

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