Mellon Bank, N. A. v. Midwest Bank & Trust Co.

Plaintiff Mellon Bank, N.A. (Mellon), filed this action to foreclose a 1989 mortgage on the "New York,” a high-rise apartment complex located at 3660 North Lake Shore Drive in Chicago, which is beneficially owned by the mortgagor / defendant, Waveland Associates-Phase I Limited Partnership (the Phase I Partnership). As part of this action, Mellon moved pursuant to the Illinois Mortgage Foreclosure Law (the IMFL) (Ill. Rev. Stat. 1989, ch. 110, par. 15 — 1101 et seq.) for the appointment of a receiver to manage and conserve the subject property during the pendency of the foreclosure action.

The…