Ishak v. Elgin National Bank

Mamdouh L. Ishak, plaintiff, filed a complaint for declaratory judgment and a petition for temporary injunction against the defendant, Elgin National Bank (Bank), on October 2, 1975, requesting that he be discharged from any liability on a personal guaranty of a corporate obligation due to the Bank’s impairment of Interstate GMC, Inc.’s collateral. On October 7, 1975, subsequent to the filing of the plaintiff s complaint for declaratory relief and after service of the complaint was had on the defendant, the Bank confessed judgment on the corporate note and personal guaranty. Plaintiffs motion…