Citicorp v. Bank of Lansing

ORDER DENYING DEFENDANT’S MOTION TO DISMISS

KANNE, District Judge.

This matter is before the court upon defendant’s Motion to Dismiss. The material facts as disclosed by the complaint are as follows: Mr. and Mrs. John Swets were beneficiaries of three Indiana land trusts holding real estate in Lake County, Indiana. On January 29, 1980, the Swets gave a security interest on their beneficial interest in these land trusts to the defendant, Bank of Lansing, to secure a loan for their business. For purposes of this motion the court accepts as true plaintiff’s allegation that the defendant, an…