Bank of Illinois in Mt. Vernon v. Bank of Illinois in Mt. Vernon

On January 27, 1969, Mt. Vernon Management Co. conveyed the property involved here to the Bank of Illinois in Mt. Vernon, as trustee, and on the same date entered into a trust agreement with the bank. The deed and the agreement were in the standard forms used for creating an Illinois land trust. The trust agreement provided that Mt. Vernon Management Co. was the owner of the full beneficial interest. The deed into trust was recorded February 7, 1969.

On March 27, 1969, the. Management Co. and J. R. Lamberson, its president, borrowed $8,000 from the bank and signed a note in that amount as…