Osage Corp. v. Simon

Defendants, Michael and Heidi Simon, who are husband and wife, are coholders of the beneficial interest in residential property held in trust by La Salle National Bank (La Salle). Osage Corporation (Osage), as assignee of Beverly Bank Matteson (Beverly), sought a judgment foreclosing a trust deed on the property. First Cook Bank for Savings (First Cook) filed a counterclaim to foreclose a mortgage on the same property.

Osage received a judgment of foreclosure which defendants did not appeal. The trial court next awarded a judgment of foreclosure to First Cook, dismissing as legally inadequate…