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CREST FINANCE CO. v. FIRST STATE BANK

No. 39868.

37 Ill.2d 243 (1967)

226 N.E.2d 369

CREST FINANCE CO., INC., v. FIRST STATE BANK OF WESTMONT. — (FEDERAL DEPOSIT INSURANCE CORP., Appellee, v. LEO NIEDERBERGER, Appellant.)

Supreme Court of Illinois.

Rehearing denied May 16, 1967.

Attorney(s) appearing for the Case

KIRKLAND, ELLIS, HODSON, CHAFFETZ & MASTERS, and RAPPAPORT, CLORFENE & RAPPAPORT, both of Chicago, (DON H. REUBEN, LAWRENCE GUNNELS, JOHN E. ANGLE, and HAMILTON CLORFENE, of counsel,) for appellant.

TAYLOR, MILLER, MAGNER, SPROWL & HUTCHINGS, of Chicago, and WILLIAM M. MORONEY and LESLIE H. FISHER, of Washington, D.C., (JAMES J. MAGNER and E. MARVIN BUEHLER, of counsel,) for appellee.

LYON & WARMAN, of Skokie, and LOUNDY & SIMON, of Chicago, (RICHARD LOUNDY and ERNEST D. SIMON, of counsel,) for amici curiae.

Affirmed in part and reversed in part and remanded.

Mr. JUSTICE HOUSE delivered the opinion of the court:

Plaintiff, Crest Finance Company, Inc., filed a declaratory judgment action against the original defendant, First State Bank of Westmont, seeking a declaration that it was entitled to possession of certain commercial paper, asking that the bank be enjoined from disposing of or encumbering the paper and praying its return. About two weeks thereafter Joseph...

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