Bryant v. Am. Nat. Bank & Trust Co. of Chicago

MEMORANDUM DECISION

MARSHALL, District Judge.

Plaintiffs in this diversity action were the owners of 67,835 shares of the $10 par value capital stock of the Suburban Trust & Savings Bank of Oak Park, Illinois (“Suburban”). They pledged their shares as collateral to secure the repayment of certain loans advanced by defendant, American National Bank & Trust Company of Chicago. On December 2, 1974, defendant sold the pledged shares. In Count I plaintiffs complain that the sale was not commercially reasonable as required by Ill.Rev.Stat. ch. 26, § 9-504(3) (1973), and seek $1,400,000 in damages. In…