Godfrey State Bank v. Mundy

Mr. PRESIDING JUSTICE MILLS

delivered the opinion of the court:

This case centers on interpretation of the Uniform Commercial Code, particularly section 3 — 415 and section 3 — 606.

On April 26,1977, a complaint was filed alleging that defendant and her former husband, Benton I. Mundy, entered into a mortgage with the Godfrey State Bank dated June 1, 1973. The complaint further asserted that the amount of the original indebtedness was $85,000 and that the total amount due on April 20, 1977, was $38,686.25, in both principal and interest. The bank’s complaint also alleged that pursuant to a…