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F.D.I.C. v. O'MALLEY

No. 76106.

643 N.E.2d 825 (1994)

163 Ill.2d 130

205 Ill.Dec. 534

FEDERAL DEPOSIT INSURANCE CORPORATION, Appellee and Cross-Appellant, v. Michael J. O'MALLEY, Appellant and Cross-Appellee.

Supreme Court of Illinois.

Rehearing Denied December 5, 1994.

Attorney(s) appearing for the Case

Callahan, Fitzpatrick, LaKoma & McGlynn, Oak Lawn (David A. Novoselsky, Chicago, of counsel) for appellant.

Marc J. Chalfen, De Haan & Richter, P.C., Chicago (Richard J. Osterman, Jr., and J. Scott Watson, Washington DC, of counsel), for appellee and cross-appellant.

Justice NICKELS delivered the opinion of the court:

This case involves an action by plaintiff, the Federal Deposit Insurance Corporation (FDIC), to enforce a guarantee signed by defendant, Michael J. O'Malley, in connection with a bank loan. The bank that made the loan subsequently failed. The FDIC then took control of the bank's assets and found the guarantee in the bank's files. At trial, O'Malley argued that the guarantee was invalid from the outset or, in the...

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