In Re Application of Bickel

Ronald and Jean Mrofka, husband and wife, were beneficial owners of their Lincolnwood property, title to which was in the American National Bank and Trust Company of Chicago (hereinafter called “Ambatco”), land trust No. 24256.

On March 6, 1970, the First Commercial Bank (hereinafter referred to as “First”) loaned Mrofka $75,000 to buy one-half of the stock of Northwest Auto Co., Inc. (hereinafter known as “Northwest”). “First” made three loans totaling $100,000 to "Northwest”. One of these loans was guaranteed by Jean Mrofka and all three by Ronald Mrofka. Defaults occurred on all the loans.…