First National Bank v. S.O.Y. Investment Group

Defendants Richard V. Evans, Thomas E. Evans and Dan Keane appeal from a judgment of the circuit court of Jackson County finding them and others jointly and severally liable to plaintiffs in the amount of $35,791.51. The judgment against defendants was premised on section 1.1 of “An Act in relation to security deposits ***” (the Act) (Ill. Rev. Stat. 1985, ch. 80, par. 101.1), which governs liability for prepaid rent and security deposits paid by tenants of residential real property where that property has been sold or has otherwise changed hands. For the reasons which follow, we reverse.

Defen…