Federal Savings & Loan Insurance v. La Salle National Bank

MR. PRESIDING JUSTICE MORAN

delivered the opinion of the court.

The instant case was filed to foreclose three mortgages in default involving some eleven hundred acres of farmland in Lake County. Hillside Savings and Loan Association, the original mortgagee, underwent voluntary liquidation and plaintiff, a corporation of the United States, succeeded to the interest of Hillside Savings and Loan. The defendant-trustee held title to the property in question for the benefit of the individual defendants.

More than one year after filing an answer to the complaint for the foreclosure the individual…