KANNE, Circuit Judge.
Louis Joliet Bank and Trust Company and Chrysler Credit Corporation each held a security interest in the beneficial interest in an Illinois land trust. When the debtor defaulted on his obligations to the bank, the bank foreclosed its senior security interest. Chrysler brought a diversity suit in the district court for declaratory judgment, claiming that the parties' actions, as well as the doctrine of merger, had terminated the land trust and...
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