Gainer Bank v. Cosmopolitan National Bank of Chicago

STATON, Judge.

Gainer Bank and Bongi Cartage, Inc. appeal a grant of summary judgment in favor of Cosmopolitan National Bank on its complaint to foreclose mortgage, raising two issues for our review, which we consolidate as one:

Whether a mortgagee has an implied duty to facilitate the sale of a portion of the real estate before pursuing its right to foreclose under the mortgage.

We affirm.

On February 21, 1986, Bongi Cartage, Inc. executed a promissory note in the amount of $750,000 pursuant to a revolving line of credit with Cosmopolitan National Bank of Chicago (Bank). The note was secured by…