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IN RE POSSESSION & CONTROL OF KNIGHT

Gen. No. 50,182.

60 Ill. App.2d 457 (1965)

208 N.E.2d 679

In the Matter of the Possession and Control of Joseph E. Knight, Director of the Department of Financial Institutions of the State of Illinois, of the Chatham Bank of Chicago, Chicago, Illinois. First Finance Company, an Illinois Corporation, Petitioner-Appellant, v. Federal Deposit Insurance Corporation, as Receiver of Chatham Bank of Chicago, Respondent-Appellee.

Appellate Court of Illinois — First District, Second Division.

June 22, 1965.

Attorney(s) appearing for the Case

Joseph L. Baime, of Chicago, for appellant.

Chapman and Cutler, of Chicago (John B. Huck and John B. Kemp, of counsel), for appellee.

MR. PRESIDING JUSTICE BURKE delivered the opinion of the court.

A summary decree was entered in favor of the receiver and against the stockholder on the latter's petition to be allowed a setoff against an indebtedness owed by the stockholder to the insolvent bank. The stockholder appeals.

In 1962, First Finance Company made a loan to Club Lucerne, Inc., taking as collateral security 120 shares of stock of the Chatham Bank of Chicago. Club Lucerne subsequently...

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