Continental Illinois National Bank & Trust Co. v. Peoples Trust & Savings Bank

This appeal from the circuit court of Cook county concerns the validity of an agreement between the Continental Illinois Bank and Trust Company, of Chicago, and the Peoples Trust and Savings Bank, of the same place, entered into on June 9, 1932. The transaction involved an alleged loan by the Continental Bank to the Peoples Bank. Subsequent to the execution of the agreement, the Continental Bank was converted from a state bank into a national bank. The issue is raised through a suit by the converted national bank against the Peoples Bank, and its stockholders, to enforce the constitutional…