Slovick v. All American Bank

Plaintiffs, Edward and Marilyn Slovick, brought this action against All American Bank (AAB) and Colonial Bank & Trust (CBT) to set aside the Uniform Commercial Code (UCC) foreclosure sale of a 100% beneficial interest in a land trust holding title to their family residence. Plaintiffs also alleged that CBT, their trustee, breached fiduciary duties it owed them. In addition, AAB filed a counterclaim to confirm the sale and recover an additional $25,000 that was lent to plaintiffs.

Plaintiffs assigned their beneficial interest in the land trust to AAB as collateral for a mortgage loan on their…