SI SECURITIES v. Bank of Edwardsville

This appeal concerns a question of statutory interpretation and involves restrictions governing the Stonebridge subdivision, a residential development in Edwardsville, Illinois. The restrictions were recorded in Madison County in 1988 by the legal owner at the time, the defendant, the Bank of Edwardsville, as the trustee of trust No. 8180. The developer of the subdivision, William Shaw, was the beneficial owner of the trust. (The bank, the trust, and Shaw are hereinafter collectively referred to as the developer.)

The restrictions are lengthy and detailed and grant broad discretion and powers…