MID-STATE FERTILIZER v. EXCH. NAT. BANK OF CHICAGO

No. 87 C 1078.

693 F.Supp. 666 (1988)

MID-STATE FERTILIZER CO., an Illinois corporation, Lasley Kimmel, and Maxine Kimmel, Plaintiffs, v. The EXCHANGE NATIONAL BANK OF CHICAGO, Defendant.

United States District Court, N.D. Illinois, E.D.

July 6, 1988.


Attorney(s) appearing for the Case

James W. Wexstten, Mt. Vernon, Ill., Thomas E. Leiter, Leiter, Leiter & Sahn, Peoria, Ill., for plaintiffs.

David L. Piercy, Howard & Howard, Mt. Vernon, Ill., David N. Missner, Franklin S. Schwerin, Angel Rodriquez, Schwartz, Cooper, Kolb & Gaynor, Chicago, Ill., Mark G. Arnold, Dorothy White-Coleman, Husch, Eppenberger, Donohue, Cornfeld & Jenkins, St. Louis, Mo., for defendant.


MEMORANDUM OPINION AND ORDER

HART, District Judge.

Plaintiffs in this case are Mid-State Fertilizer Company and its two shareholders, Lasley and Maxine Kimmel. The Kimmels are also officers of Mid-State. The defendant is The Exchange National Bank of Chicago.1 In February 1985, Exchange provided a two-million-dollar line of credit to Mid-State. Repayment of this loan was secured by a security agreement imposing a first lien on...

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