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RESOLUTION TRUST CORP. v. RUGGIERO

No. 91-2095.

977 F.2d 309 (1992)

RESOLUTION TRUST CORPORATION, as Receiver for Peoples Savings and Loan Association, F.A., Plaintiff-Appellee, v. Angelo RUGGIERO, Gina Ruggiero, Midwest Bank and Trust Company, as Trustee under Trust Agreement dated July 1, 1988 and known as Trust No. 88-07-5534, and Hillside Cafe & Bar, Inc., Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided October 7, 1992.

Attorney(s) appearing for the Case

David L. Hazan, Randolph E. Ruff, William J. Raleigh (argued), Dehaan & Richter, Chicago, Ill., for plaintiff-appellee.

Gary P. Hollander (argued), Christopher L. Palanca, Bixby, Lechner & Potratz, Angelo Ruggiero, Chicago, Ill., for defendants-appellants.

Before CUDAHY, COFFEY, and RIPPLE, Circuit Judges.

COFFEY, Circuit Judge.

Angelo Ruggiero took out a $200,000 loan from Peoples Bank for Savings (Peoples Bank) in Libertyville, Illinois. Soon thereafter Peoples Bank went under and the Federal Savings and Loan Insurance Corporation was appointed receiver. To facilitate the liquidation of Peoples Bank, the Federal Home Loan Bank Board chartered Peoples Savings and Loan Association (Peoples Savings). Peoples Savings then executed a purchase and assumption transaction...

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