Village of Long Grove v. Austin Bank of Chicago

Defendant, Austin Bank of Chicago (Bank), and Robert R. Krilich, defendant-intervenor (herein referred to collectively as defendants), appeal the judgment of the trial court granting summary judgment to the Village of Long Grove (Village) regarding payment on a letter of credit issued to the Village by the Bank on Krilich’s behalf. Defendants contend the trial court erred in finding that the Village is entitled to the proceeds of the letter of credit despite the failure of the underlying agreement between the Village and Krilich, erred in awarding prejudgment interest on the full value of the…