East Peoria Community High School District No. 309 v. Grand Stage Lighting Co.

This action was brought by plaintiff Grand Stage Lighting to impose a constructive trust on funds which defendant First National Bank of Peoria set off from a customer-debtor’s general business account. The trial court granted summary judgment for defendant. We affirm.

Tousley-Iber was a general contractor for commercial real estate. It maintained a business checking account at defendant bank. It received a number of loans from defendant, and defendant had a perfected security interest in Tousley-Iber’s accounts, notes, and contracts receivable. The security agreement secured all obligations…