First National Bank of Northbrook, N.A. v. Stewart Title Guaranty Co.

In this case the title company issued a location note endorsement to the bank. The endorsement’s description of the land was mistaken. The bank did not see or rely on the mistake until after its loss took place. The bank seeks to recover its loss from the title company. The trial judge said it could. We reverse the trial judge.

BACKGROUND

On January 2, 1982, Jeffrey Grossman (Grossman) and Donald Grauer (Grauer) entered into an agreement to form the ”3105 MacArthur Drive Partnership.” This partnership became the beneficial owner of American National Bank and Trust Company of Chicago land trust…