NWI International, Inc. v. Edgewood Bank

PRESIDING JUSTICE GREIMAN

delivered the opinion of the court:

Plaintiff, NWI International, Inc. (NWI), borrowed operating capital from Edgewood Bank (Edgewood or the bank) over several years with loans secured by notes and a security agreement. Eventually, the bank required that all obligations be consolidated into a single note that incorporated the security agreement by reference. Soon after, the bank deemed itself insecure and called the note, collecting part from funds on deposit and the balance by exercise of assignments of accounts receivable.

NWI brought this action against Edgewood,…