State Nat. Bk. of Annawan v. Kewanee Nat. Bk.

Plaintiff-Appellant, State Bank of Annawan, appeals from a judgment entered by the Circuit Court of Henry County in favor of DefendantAppellee, Kewanee National Bank, pursuant to a motion for summary judgment.

In December of 1970 Roth Tire Service requested loans of $13,000 from defendant, who had already loaned Roth $40,000, the bank’s lending limit. Because of this limit defendant entered into two participation agreements with plaintiff, one for $10,000 and the other $3,000. The first certificate of participation signed by defendant as “Issuing Bank” and issued to plaintiff as “Participant”,…