Legal Opinion
First Finance Co. v. Federal Deposit Insurance
Appellate Court of Illinois
Decided June 22, 1965No. Gen. 50,182PublishedCited by 11 opinions
1Opinion of the Court
MR. PRESIDING JUSTICE BURKE
delivered the opinion of the court.
A summary decree was entered in favor of the receiver and against the stockholder on the latter’s petition to he allowed a setoff against an indebtedness owed by the stockholder to the insolvent bank. The stockholder appeals.
In 1962, First Finance Company made a loan to Club Lucerne, Inc., taking as collateral security 120 shares of stock of the Chatham Bank of Chicago. Club Lucerne subsequently defaulted on its note, whereupon First Finance Company perfected title in itself to the 120 shares of stock. Sale of the stock was…
2Cases cited1 opinion
- Trust Co. v. Sutherland Hotel Co.Illinois Supreme Court · 1945
3Cited by11 opinions
- Zokoych v. SpaldingAppellate Court of Illinois · 1976
- Adair v. WozniakOhio Supreme Court · 1986
- Small v. SussmanAppellate Court of Illinois · 1999
- Schieffelin & Co., a Delaware Corporation, Cross-Appellant v. Valley Liquors, Inc., an Illinois Corporation, Cross-AppelleeCourt of Appeals for the Seventh Circuit · 1987
- Grunloh v. Effingham Equity, Inc.Appellate Court of Illinois · 1988
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