M & I Marshall & Ilsley Bank v. Pump

The third party action is based upon long-term financing commitments the appellants obtained from Crown Life Insurance Company (hereinafter Crown) for a 92-unit, four building apartment project to be constructed by the appellant at Menasha, Wisconsin. Construction financing for the project was provided by Richter-Schroeder Company (hereinafter Richter), a mortgage banking firm and a loan correspondent of Crown. Richter was acquired by M & I Marshall & Ilsley Bank (hereinafter Bank) while the construction was in progress.

In two financing commitments dated January 21 and 22, 1974, Crown agreed…