Newcastle Properties, Inc. v. Shalowitz

Defendants, Sidney and Phyllis Shalowitz, appeal the trial court’s order granting plaintiff, Newcastle Properties, Inc. (hereinafter Newcastle), its motions for summary judgment (Ill. Rev. Stat. 1983, ch. 110, par. 2 — 1005) and prejudgment interest, and denying defendants’ motions for summary judgment and rehearing.

The following issues are before this court for review: (1) whether the seller’s recovery pursuant to a real estate contract that allows for the payment of earnest money by letter of credit, and contains a provision that the buyer shall forfeit “all sums theretofore paid to the…