Hoida, Inc. v. M & I MIDSTATE BANK

¶ 1. We review a court of appeals decision that affirmed the circuit court's grant of summary judgment dismissing the claims of Hoida, Inc. (Hoida) against defendants M&I Midstate Bank (M&I) and McDonald Title Company, Inc. (McDonald Title). Hoida is a subcontractor that incurred losses on a building project gone awry when the general contractor and the owner of the property fraudulently misappropriated approximately $650,000 of the project's construction loan proceeds. M&I and McDonald Title were the lending bank and the disbursing agent, respectively, on the project. Hoida claimed that it…