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CHEMICAL BANK v. PAUL

No. 1-90-0362.

614 N.E.2d 436 (1993)

244 Ill. App.3d 772

185 Ill.Dec. 302

CHEMICAL BANK, Plaintiff-Appellant, v. David PAUL, Defendant-Appellee.

Appellate Court of Illinois, First District, Third Division.

April 14, 1993.

Attorney(s) appearing for the Case

Hopkins & Sutter, Chicago (Glen H. Kanwit, William J. McKenna, Jr., Mary Kay McCalla, of counsel), for plaintiff-appellant.

Wildman, Harrold, Allen & Dixon, Chicago (Thomas D. Allen, Thomas E. Patterson, Richard D. Murphy, Vincent J. Hart, of counsel), for defendant-appellee.

Presiding Justice TULLY delivered the opinion of the Court:

Defendant David Paul signed a personal guaranty of $5 million in connection with $90 million in loans received from Chemical Bank. After declaring the loans in default, Chemical foreclosed on the underlying property, which resulted in a deficiency of $40 million. Chemical then brought suit on the guaranty, wherein Paul alleged as an affirmative defense, Chemical's breach of the implied covenant of good faith...

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