Legal Opinion
Life Savings & Loan Ass'n v. Palos Bank & Trust Co.
Appellate Court of Illinois
Decided May 4, 1987No. 85—2458PublishedCited by 2 opinions
1Opinion of the CourtJustice Buckley
This contract action arises from the alleged breach of a loan participation agreement. O’Hare International Bank (O’Hare) and Life Savings and Loan (Life) were the original parties to the loan participation agreement. Under the agreement, O’Hare and Life each had a half interest in a mortgage loan issued to Thomas Gimino (Gimino), who operated Josef’s Restaurant on the property that was the collateral for the loan.
According to the terms of the agreement, O’Hare was the “lead bank.” As the lead bank, it would receive 100% of the principal and interest payments from Gimino and then remit 50% of…
2Cases cited9 opinions
- Purtill v. HessIllinois Supreme Court · 1986
- Fooden v. Board of GovernorsIllinois Supreme Court · 1971
- Beverly Bank v. Alsip BankAppellate Court of Illinois · 1982
- Kane v. American National Bank & Trust Co.Appellate Court of Illinois · 1974
- Faith v. MartoccioAppellate Court of Illinois · 1974
4 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- CNC Service Center, Inc. v. CNC Service Center, Inc.District Court, N.D. Illinois · 1990
- Sears Roebuck & Co. v. Allied Commercial Corporation, and Its Successor by Merger, Healthcare Receivables Management, Inc., Defendant/third Party v. Benton Carroll, Jr., and Vera Mae Carroll, Individually, and as Independent of the Estate of Benton Carroll, Sr., Third PartyCourt of Appeals for the Third Circuit · 1995