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BAIN v. FINANCIAL SEC. LIFE INS. CO.

No. 76-523.

368 N.E.2d 1023 (1977)

53 Ill. App.3d 702

11 Ill.Dec. 415

L. R. BAIN, Josephine Bertani, Carmeline Strano, Clyde S. Call, Melvin E. Dobkin, Donald Dubuque, Marie Dubuque, Robert Dykstra, Eunice Dykstra, Lyle H. Franks, Harriett Franks, Lawrence R. Gaertig, Marie Gaertig, William Gebhart, Marlene Gebhart, Kenneth F. Goby, Mildred J. Hall, Ralph E. Hedgcock, Francis K. Hedgcock, Byron Hutchins, Alfred B. Kain, Arnold K. Ozier, James E. Parr, Bernice M. Parr, Loraine L. Radke, Nadine M. Radke, Sam Ross, Marie Saam, Cletus Saam, Jr., Ethel B. Smith, Lloyd E. Wartsbaugh, Viola Wartsbaugh, Nina J. Witherell, John Yuhas, James Zaccagnini and Gladys Zaccagnini, Plaintiffs-Appellees, v. FINANCIAL SECURITY LIFE INSURANCE COMPANY, a corporation, and Alva F. Rauch, Defendants-Appellants.

Appellate Court of Illinois, Fifth District.

October 6, 1977.

Attorney(s) appearing for the Case

Heyl, Royster, Voelker & Allen, Springfield (Gary M. Peplow, Springfield, of counsel), for defendants-appellants.

B. C. Drumm, Jr., David L. Rapp, Clayton, Mo., Pope & Driemeyer, Belleville (Thomas W. Alvey, Jr., Belleville, of counsel), for plaintiffs-appellees.

EBERSPACHER, Justice.

This is an appeal from a summary judgment entered in the circuit court of St. Clair County in favor of holders of 119/120th interests in a promissory note made by defendant Financial Security Life Insurance Company, a corporation, to Metromodular Corporation, and assigned by the latter to plaintiffs and one individual defendant.

On March 29, 1971, defendant Financial Security Life Insurance Company purchased certain real property and...

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