Legal Opinion
McBride v. COMMERCIAL BK. OF CHAMPAIGN
Appellate Court of Illinois
Decided November 19, 1981No. 17162PublishedCited by 17 opinions
1Opinion of the CourtJustice Mills
A bank as escrow agent.
- - Can it relinquish documents in escrow solely upon the demand of one party to the agreement?
No — if it does, it is at its own peril.
In 1973, plaintiff Bruce McBride and his wife Ruth Ann contracted to buy a parcel of real estate in Grand Traverse County, Michigan, from F. R. Inskip and Ruth F. Inskip, Ruth Ann’s parents. In connection with this purchase, the McBrides gave the Inskips 12 promissory notes for $12,000 each, payable each January 10 from 1974 through 1985, plus a $9,000 note due January 10,1986.
The contract between the McBrides and the Inskips provided…
2Cases cited17 opinions
- Carruthers v. B. C. Christopher & Co.Illinois Supreme Court · 1974
- LaMonte v. City of BellevilleAppellate Court of Illinois · 1976
- Bezin v. GinsburgAppellate Court of Illinois · 1978
- Davis v. NehfAppellate Court of Illinois · 1973
- Citizens Nat. Bank of Roswell v. DavissonSupreme Court of the United States · 1913
12 more not listed; retrieve them via the Exa API.
3Cited by17 opinions
- International Capital Corp. v. MoyerAppellate Court of Illinois · 2004
- First National Bank of Thomasboro v. LachenmyerAppellate Court of Illinois · 1985
- Forsyth v. DuggerAppellate Court of Illinois · 1988
- Champaign National Bank v. BabcockAppellate Court of Illinois · 1995
- Intercontinental Parts, Inc. v. Caterpillar, Inc.Appellate Court of Illinois · 1994
12 more not listed; retrieve them via the Exa API.