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HELLER FINANCIAL, INC. v. JOHNS-BYRNE CO.

No. 1-91-1551.

617 N.E.2d 1 (1992)

246 Ill. App.3d 754

186 Ill.Dec. 762

HELLER FINANCIAL, INC., a Delaware corporation, Plaintiff-Appellee, v. JOHNS-BYRNE COMPANY, an Illinois corporation, Defendant-Appellant.

Appellate Court of Illinois, First District, Second Division.

September 29, 1992.

Attorney(s) appearing for the Case

Paul F. Schofield, Chicago, for defendant-appellant.

Dardick & Denlow (Nathan H. Dardick, Michael D. Richman, of counsel), Chicago, for plaintiff-appellee.

Justice SCARIANO delivered the opinion of the court:

In September 1985, Microdot Lithoplate Company (Microdot), entered into an equipment lease agreement with P.C. Leasing Corporation (P.C. Leasing), as to which Johns-Byrne Company (defendant) gave a written guaranty. Several months later, P.C. Leasing assigned its interest in the lease to Heller Financial, Inc. (plaintiff). When, in July of 1989, Microdot defaulted under the terms of the lease, plaintiff notified...

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