American Heritage Investment Corp. v. Illinois National Bank

This case concerns a contract made on December 1, 1975, between plaintiff American Heritage Investment Corporation (American) and defendant Nathan Hale Investment Corporation (Hale Investment). The latter agreed to transfer to American its shares in Nathan Hale Life Insurance Co. (Hale Life) in exchange for which American agreed to pay to Hale Investment *750,000 or transfer to Hale Investment 500,000 of Hale Investment’s own shares or make payment by both shares and cash with the shares valued at *1.50 each.

On May 24, 1977, plaintiff filed suit in the circuit court of Sangamon County seeking…