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WASHBURN v. UNION NAT'L BANK & TR. CO.

No. 3-85-0434.

151 Ill. App.3d 21 (1986)

502 N.E.2d 739

JOHN E. WASHBURN, Director of Insurance as Rehabilitator for United Savings Life Insurance Company, Plaintiff-Appellant, v. UNION NATIONAL BANK AND TRUST COMPANY OF JOLIET, Defendant-Appellee.

Appellate Court of Illinois — Third District.

Opinion filed December 18, 1986.

Attorney(s) appearing for the Case

Lisa A. Hausten, of Sidley & Austin, of Chicago, and Murphy, Timm, Lennon, Spesia & Ayers, of Joliet (Henry L. Mason III, of counsel), for appellant United Savings Life Insurance Company.

John J. Cassidy, Jr., and Alan E. Lapidus, both of Vedder, Price, Kaufman & Kammholz, of Chicago, for appellant John E. Washburn.

Joseph R. Lundy and Michael L. Brody, both of Schiff, Hardin & Waite, of Chicago, and Eugene Shutts and Robert Shutts, both of Shutts & Shutts, of Joliet (J. Mark Fisher, of counsel), for appellee.

Judgment affirmed.

JUSTICE BARRY delivered the opinion of the court:

The debtor-insurance company appeals from summary judgment entered in the circuit court of Will County in favor of the creditor-bank in an action for wrongful liquidation of collateral securing a loan.

Plaintiff, United States Savings Life Insurance Company (the company), borrowed large sums of money from defendant, Union National Bank and Trust Company of Joliet (the bank), on a...

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