Village of Long Grove v. Austin Bank of Chicago

PRESIDING JUSTICE INGLIS

delivered the opinion of the court:

Plaintiff, the Village of Long Grove (village), sued defendant, Austin Bank of Chicago, to recover under an irrevocable letter of credit issued to secure the completion of public improvements at a subdivision to be built within the village. Petitioners Riverwoods Development Corporation (Riverwoods) and Robert Krilich petitioned the court for leave to intervene. The court denied the petition, and petitioners appeal, contending that the court erred in denying their petition to intervene and their subsequent motion to reconsider that…