Codo v. Union Nat. Bank & Trust Co. of Joliet

Norman F. Codo, hereinafter “plaintiff,” and Richard F. Janko, hereinafter “defendant,” entered into an oral partnership arrangement in the spring of 1972. The partnership purchased approximately 20 acres of undeveloped real estate in Round Lake, Illinois, for *120,000. Each partner’s contribution was *60,000 in cash, and this unencumbered real estate was then conveyed to the Union National Bank and Trust Company of Joliet, hereinafter “the bank,” as an asset in Land Trust No. 1278, hereinafter “trust,” with the bank as trustee. The partnership also purchased some real property in Watseka, Illinois,…