FIRST NAT. BANK v. CONTINENTAL ILLINOIS NAT. BANK

No. 90-2494.

933 F.2d 466 (1991)

FIRST NATIONAL BANK OF LOUISVILLE, Plaintiff-Appellant, v. CONTINENTAL ILLINOIS NATIONAL BANK AND TRUST COMPANY OF CHICAGO, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided May 20, 1991.


Attorney(s) appearing for the Case

Ronald Butler, Ellen M. Babbitt, Bruce W. Melton, Butler, Rubin, Newcomer, Saltarelli, Boyd & Krasnow, Chicago, Ill., Patrick E. Morgan, Douglas G. Sharp, Carolyn B. Wetterer, Morgan & Pottinger, Louisville, Ky., for plaintiff-appellant.

Francis X. Grossi, Jr., C. Elizabeth McCarty, Lori Richardson, Katten, Muchin & Zavis, Chicago, Ill., Edward H. Stopher, Louisville, Ky., for defendant-appellee.

Before BAUER, Chief Judge, and WOOD, Jr., and POSNER, Circuit Judges.


POSNER, Circuit Judge.

This is a contract dispute between two banks that participated in a joint lending arrangement of the kind known as a "participation agreement." (It is in federal court under the diversity jurisdiction, and Illinois law governs the substantive issues by virtue of a choice of law clause in the contract.) In a typical such arrangement, one bank — the "lead bank" — first makes the loan agreement with the borrower and then makes a separate...

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