Bank & Trust Co v. Arnold N. May Builders, Inc.

Plaintiff, the Bank and Trust Company of Arlington Heights (Bank), filed a complaint against the defendant, Arnold N. May Builders, Inc. (May), alleging that defendant had entered into an equipment lease with N.I. Systems Services, Inc. (Systems), on or about August 29, 1975; that the lease was part of a “lease financing” transaction and was assigned by Systems to the Bank concurrently upon its execution; that May had failed to make the monthly payments called for under the lease; that as of October 1977, $21,324.76 was due and owing; that a demand for that amount had been made; and that the…