Legal Opinion
Watseka First National Bank v. Ruda
Illinois Supreme Court
Decided February 16, 1990No. 68075PublishedCited by 18 opinions
1Opinion of the CourtJustice Ryan
Watseka First National Bank (Watseka Bank) filed suit on January 5, 1984, against Ken L. Ward as principal debtor and Patti Ward, Frank Ruda and Virginia Ruda, guarantors, seeking to recover the balance on two notes. The Wards were dismissed from this action after they were adjudicated bankrupt. The trial court awarded judgment on the notes in the amount of $186,322.97 with interest and costs. The appellate court reversed, holding that, under an objective standard, the bank failed to act in good faith in accelerating the debt, according to the terms of an insecurity clause, and that this…
2Cases cited21 opinions
- FARMERS CO-OP. EL., INC., DUNCOMBE v. State BankSupreme Court of Iowa · 1975
- Sheppard Federal Credit Union v. Michael A. PalmerCourt of Appeals for the Fifth Circuit · 1969
- Kupka v. MoreyAlaska Supreme Court · 1975
- Commercial Discount Corp. v. BayerAppellate Court of Illinois · 1978
- Mitchell v. Ford Motor Credit Co.Supreme Court of Oklahoma · 1984
16 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Mathis v. Exxon CorporationCourt of Appeals for the Fifth Circuit · 2002
- Diversified Foods, Inc. v. First National Bank of BostonSupreme Judicial Court of Maine · 1992
- United States National Bank v. BogeOregon Supreme Court · 1991
- Continental Bank N.A. v. Sheldon Modansky and Aaron ModanskyCourt of Appeals for the Seventh Circuit · 1993
- Hill v. St. Paul Federal Bank for SavingsAppellate Court of Illinois · 2002
13 more not listed; retrieve them via the Exa API.