Dodds v. Giachini

Plaintiffs brought an action to cancel an agreement which granted defendant an unrestricted option to purchase their stock in Tollway Arlington National Bank (TANB). They also sought injunctive relief to prevent him from transferring into his name the stock, which he held as collateral for a loan made by him to them. Defendant filed a counterclaim for specific performance of the option agreement. In denying defendant’s claim for specific performance, the trial court ruled that the option agreement was null and void, because (a) defendant’s attempted exercise of his option was ineffective, and…