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M & I MARSHALL & ILSLEY BANK v. PUMP

No. 76-536.

88 Wis.2d 323 (1979)

276 N.W.2d 295

M & I MARSHALL & ILSLEY BANK, Plaintiff-Respondent, v. PUMP, and another, Defendants-Appellants: CROWN LIFE INSURANCE COMPANY, Third-party Defendant-Respondent.

Supreme Court of Wisconsin.

Decided March 27, 1979.

Attorney(s) appearing for the Case

For the appellants the cause was submitted on the brief of Sam Pump, attorney, and Francis X. Krembs, of counsel, both of Milwaukee.

For the plaintiff-respondent and third-party defendant-respondent the cause was submitted on the brief of James A. Urdan, David E. Jarvis, Dwight L. Nye and Quarles & Brady of Milwaukee.

CONNOR T. HANSEN, J.

The third party action is based upon long-term financing commitments the appellants obtained from Crown Life Insurance Company (hereinafter Crown) for a 92-unit, four building apartment project to be constructed by the appellant at Menasha, Wisconsin. Construction financing for the project was provided by Richter-Schroeder Company (hereinafter Richter), a mortgage banking firm and a loan correspondent of Crown. Richter was acquired by M &...

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