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ILLINOIS/SERVICE FED. S. & L. ASS'N v. ACADEMY OF ST. JAMES COLLEGE PREPARATORY

No. 1-90-3029.

592 N.E.2d 126 (1992)

227 Ill. App.3d 507

169 Ill.Dec. 639

ILLINOIS/SERVICE FEDERAL SAVINGS AND LOAN ASSOCIATION OF CHICAGO, Plaintiff-Appellant, v. The ACADEMY OF ST. JAMES COLLEGE PREPARATORY, a dissolved Illinois not-for-profit corporation, a/k/a St. James Parochial College Prep School, and a/k/a Academy of St. James Parochial School; the United States of America; the State of Illinois; the City of Chicago; Barnell Smith, a/k/a Dr. B. Barnell Smith, individually and as stockholder of the Academy of St. James; Farries Adams, individually and as stockholder of The Academy of St. James; Ralph Wright; South Chicago Savings Bank, as Trustee under Trust Agreement dated May 27, 1988 and known as Trust No. 11-2589; Jewelene R. Wright; George Benn, individually and as principal of The Academy of St. James; Unknown Owners and Non-Record Claimants, Defendants-Appellees.

Appellate Court of Illinois, First District, First Division.

March 16, 1992.

Attorney(s) appearing for the Case

Donovan & Olsen, Chicago (George H. Olsen, of counsel) for plaintiff-appellant.

Martin S. Bieber, Chicago (Martin S. Bieber, of counsel), for defendants-appellees.

Peterson & Ross, Chicago (Larry A. Hoellwarth, of counsel), for third-party defendant-appellee.

Justice O'CONNOR delivered the opinion of the court:

This appeal arises out of a property transaction which took place in May, 1973. At that time, the Academy of St. James College Preparatory (Academy), purchased a building located at 7128 South Oglesby, Chicago, Illinois. On May 1, 1973, plaintiff, Illinois Service Federal Savings and Loan Association of Chicago (Illinois Service), extended a loan to the Academy in the amount of $27,200.00 and received a note and...

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