Midwest Bank & Trust Co. v. Roderick

Plaintiff appeals the dismissal of its action for judgment on the unpaid balance of a promissory note. It contends that section 9 — 504 of the Uniform Commercial Code (Ill. Rev. Stat. 1983, ch. 26, par. 9— 504(3)) did not require it to give defendant Roderick notice of the sale of collateral where Roderick’s co-debtor, rather than plaintiff, sold the collateral. In the alternative, plaintiff contends that lack of notice is not a complete bar to a deficiency judgment, but instead gives rise to the rebuttable presumption that the value of the collateral was equal to the amount of the debt.

In…