Cohen v. Continental Illinois National Bank & Trust Co.

Plaintiff, Irwin Cohen, filed this declaratory judgment action seeking determination of rights to a $75,000 certificate of deposit (CD) and the interest accrued, which was held by defendant, Continental Illinois National Bank & Trust Company of Chicago (Bank). On appeal, plaintiff asserts that (1) the trial court erred when it denied his motion for summary judgment and granted defendant’s cross-motion for summary judgment; and (2) defendant improperly froze Mark I, Inc.’s (Mark I’s) prebankruptcy petition debt at $75,000 and applied subsequent payments from the debtor in possession to…