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CARONDELET S. & L. ASS'N v. CITIZENS S. & L. ASS'N

No. 78-2119.

604 F.2d 464 (1979)

CARONDELET SAVINGS & LOAN ASSOCIATION, Plaintiff-Cross Defendant-Appellant, v. CITIZENS SAVINGS & LOAN ASSOCIATION, Defendant-Cross Plaintiff-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 3, 1979.

Attorney(s) appearing for the Case

Marvin Klamen, Clayton, Mo., for plaintiff-cross defendant-appellant.

Patrick M. Flynn, Belleville, Ill., for defendant-cross plaintiff-appellee.

Before CUMMINGS, Circuit Judge, PECK, Senior Judge, and PELL, Circuit Judge.

CUMMINGS, Circuit Judge.

On October 14, 1965, defendant Citizens Savings & Loan Association (Citizens) sold plaintiff Carondelet Savings & Loan Association (Carondelet) a 35% interest in a certain loan and the parties entered into a loan participation agreement which provided that Citizens was to service the loan. Citizens foreclosed on the real estate securing the loan in May 1973 and at the same time Carondelet sued Citizens for breach of fiduciary obligation...

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