STEINROE INCOME TRUST v. CONTINENTAL BANK

No. 1-90-3375.

606 N.E.2d 503 (1992)

238 Ill. App.3d 660

179 Ill.Dec. 671

STEINROE INCOME TRUST on behalf of its series of shares designated Steinroe Cash Reserves, the successor in interest to Steinroe Cash Reserves, Inc., Plaintiff-Appellee, v. CONTINENTAL BANK N.A., formerly known as Continental Illinois National Bank & Trust Company of Chicago, a subsidiary of Continental Illinois Corp., a foreign corporation, Defendant-Appellant.

Appellate Court of Illinois, First District, Fifth Division.

November 20, 1992.


Attorney(s) appearing for the Case

Franklin P. Auwarter, James C. Schroeder, Mayer, Brown & Platt, Chicago, for defendant-appellant.

Paul T. Lively, Querrey & Harrow, Ltd., Chicago, for plaintiff-appellee.


Justice LORENZ delivered the opinion of the court:

After an unidentified culprit absconded with the proceeds of a check, plaintiff, as drawer of the check, sued defendant, the collecting bank, seeking to enforce the presentment warranties under sections 3-417(1)(a) and 4-207(1)(a) of the Illinois Uniform Commercial Code (Ill.Rev.Stat.1989, ch. 26, pars. 3-417(1)(a), 4-207(1)(a)). The trial court entered summary judgment...

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