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KING KORN STAMP CO. v. GUARANTY BANK & TRUST CO.

Gen. No. 53,332.

114 Ill. App.2d 428 (1969)

252 N.E.2d 734

King Korn Stamp Company, a Corporation, Plaintiff-Appellant, v. Guaranty Bank & Trust Company, a Corporation, Defendant-Appellee.

Appellate Court of Illinois — First District, Second Division.

September 16, 1969.

Attorney(s) appearing for the Case

Neistein, Richman & Hauslinger, of Chicago (Harry A. Young, Jr., Arthur D. Nordenberg, and Morton J. Hauslinger, of counsel), for appellant.

Goldberg, Weigle, Mallin, Gitles & Parson, of Chicago, for appellee.

MR. JUSTICE McCORMICK delivered the opinion of the court.

An action was brought by plaintiff to recover from defendant the sum of $24,317.89, which sum the defendant had "set off" from the proceeds of a $50,000 certificate of deposit which was being held pursuant to a pledge and guaranty agreements given by plaintiff to secure a loan made by defendant to plaintiff's debtor, Atlas-United Wholesale Company, Inc., hereafter referred to as Atlas-United.

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