Bank of America, N.A. v. 108 N. State Retail LLC

Defendants 108 N. State Retail LLC, 108 N. State Transit LLC, Laurance H. Freed and DDL, LLC, appeal from an order of the trial court granting a motion for the appointment of a receiver in the mortgage foreclosure proceeding brought by plaintiff, Bank of America, N.A. On appeal, defendants contend that the trial court erred in appointing a receiver because (1) the plaintiff has no “reasonable probability” of prevailing on a final hearing of the cause; and (2) defendants have established good cause why they should remain in possession of the property pursuant to section 15 — 1701(b)(2) of the…