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COLE TAYLOR BANK v. COLE TAYLOR BANK

No. 1-90-3450.

586 N.E.2d 775 (1992)

224 Ill. App.3d 696

166 Ill.Dec. 817

COLE TAYLOR BANK, as Successor to Cole Taylor Bank/Main, Plaintiff-Appellee, v. COLE TAYLOR BANK, Trustee et al., Defendants Alan Turover, et al., Counter-Plaintiffs/Appellants; Cole Taylor Bank, as Successor to Cole Taylor Bank/Main, et al., Counter-Defendants/Appellees.

Appellate Court of Illinois, First District, Sixth Division.

Rehearing Denied April 24, 1992.

Attorney(s) appearing for the Case

Gottlieb and Schwartz, Chicago (Loren J. Mallon, Stanton Schuman and Gregory A. McCormick, of counsel), for appellants.

Neal, Gerber & Eisenberg, Chicago (Joel M. Hurwitz, David J. Krupp, Lawrence M. Benjamin, of counsel), for appellees.

Justice LaPORTA delivered the opinion of the court:

Alan and Sara Turover paid Jack Lofstrom $130,000 as the down payment on a house he promised to build for them in Glencoe. The house was never built. The Turovers sued Lofstrom and a lis pendens notice was recorded against the property because Lofstrom was the beneficial owner of the land trust that held title to the property. After the construction contract was signed but before the Turovers sued for breach...

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