Hickey v. Union National Bank & Trust Co.

PRESIDING JUSTICE WOMBACHER

delivered the opinion of the court:

In February 1983, the defendant corporation, Will-Cook Waste, Inc. (hereinafter Will-Cook) executed a contract to purchase certain real estate in Joliet, Illinois. The real estate comprised just under five acres, and was valued at $330,000. In April of that same year a land trust was created naming Union National Bank of Joliet (hereinafter Union National Bank) as trustee and designating Will-Cook as sole beneficiary.

In April of 1984, Will-Cook received a $250,000 loan from Union National Bank. To secure the loan, Union National…