CREST FINANCE CO., INC. v. FIRST STATE BANK

Gen. No. 50,169.

66 Ill. App.2d 364 (1966)

214 N.E.2d 526

Crest Finance Company, Inc., Plaintiff-Appellant, v. First State Bank of Westmont, Defendant-Appellee. Federal Deposit Insurance Corporation, as Receiver for the First State Bank of Westmont, Intervenor-Appellee, v. Leo Niederberger, Third Party Defendant-Appellant.

Appellate Court of Illinois — First District, First Division.

Rehearing denied February 3, 1966.


Attorney(s) appearing for the Case

Kirkland, Ellis, Hodson, Chaffetz & Masters, and Rappaport, Clorfene & Rappaport, all of Chicago (Don H. Reuben, John E. Angle, Craig W. Christensen, and Hamilton Clorfene, of counsel), for appellants.

Taylor, Miller, Magner, Sprowl & Hutchings, of Chicago (John S. Miller, James J. Magner, E. Marvin Buehler, William M. Moroney, and Leslie H. Fisher, Washington, D.C., of counsel), for appellee.


MR. JUSTICE MURPHY delivered the opinion of the court.

This is an appeal from a decree of the Circuit Court of Cook County which dismissed, for want of equity, a complaint in chancery filed April 30, 1963, whereby plaintiff sought a decree directing the defendant bank to deliver to plaintiff commercial paper and collateral of a face value of approximately $900,000.

On May 16, 1963, Joseph E. Knight, Director of the Department of Financial Institutions in the...

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