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TRAVELERS INS. CO. v. FIRST NAT. BANK OF BLUE ISLAND

No. 1-91-3491.

621 N.E.2d 209 (1993)

250 Ill. App.3d 641

190 Ill.Dec. 340

The TRAVELERS INSURANCE COMPANY, Plaintiff-Appellee, v. FIRST NATIONAL BANK OF BLUE ISLAND, Defendant-Appellant.

Appellate Court of Illinois, First District, Fifth Division.

August 6, 1993.

Attorney(s) appearing for the Case

Jenner & Block, Chicago (Larry M. Wolfson, C. David Watson, Daniel S. Goldman, of counsel), for defendant-appellant.

Coffield Ungaretti & Harris, Chicago (Kevin M. Flynn, Barbara J. Anderson, of counsel), for plaintiff-appellee.

Justice COUSINS, delivered the opinion of the court:

In this case of first impression, Travelers Insurance Company (Travelers), the appellee, filed a mortgage foreclosure action in March 1989 on property commonly known as the Holiday Plaza Complex in Matteson, Illinois. In a first mortgage, security agreement and collateral assignment of rents dated in November 1985, debtors granted and assigned to Travelers a security...

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