Harris Trust & Savings Bank v. Olsen

MEMORANDUM OPINION

KOCORAS, District Judge:

This matter comes before the court on defendant’s motion for abstention or a stay of this action. For the reasons set forth below, defendant’s motion is denied.

BACKGROUND

On January 12, 1989, defendant Warren Olsen executed a guaranty of indebtedness to plaintiff Harris Trust and Savings Bank on a loan issued to Highland Partners, Inc. At the same time, Salvatore Bonnano and Gerald Finkle entered into separate, but identical guaranties with the plaintiff on the same loan. The obligation of each individual was set at $450,000.00, the total loan amount.…