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LIFE S & L ASS'N v. PALOS BK. & TR. CO.

No. 85-2458.

155 Ill. App.3d 748 (1987)

508 N.E.2d 262

LIFE SAVINGS AND LOAN ASSOCIATION OF AMERICA, Plaintiff-Appellee and Cross-Appellant, v. PALOS BANK AND TRUST COMPANY, Defendant-Appellant and Cross-Appellee (National Republic Bank of Chicago, Defendant).

Appellate Court of Illinois — First District (1st Division).

Rehearing denied June 8, 1987.

Attorney(s) appearing for the Case

James P. Chapman & Associates, Ltd., of Chicago (James P. Chapman and Kathleen Hogan Morrison, of counsel), for appellant.

Hanson & Shire, P.C., of Chicago (Paul H. Strecker and Richard K. Shire, of counsel), for appellee.

Judgment affirmed.

JUSTICE BUCKLEY delivered the opinion of the court:

This contract action arises from the alleged breach of a loan participation agreement. O'Hare International Bank (O'Hare) and Life Savings and Loan (Life) were the original parties to the loan participation agreement. Under the agreement, O'Hare and Life each had a half interest in a mortgage loan issued to Thomas Gimino (Gimino), who operated Josef's Restaurant on the property that was...

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