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ASSET GUAR. REINSURANCE COMPANY v. AMERICAN NAT. BANK AND TRUST COMPANY OF CHICAGO

No. 1-92-2482.

627 N.E.2d 179 (1993)

254 Ill. App.3d 713

194 Ill.Dec. 63

ASSET GUARANTY REINSURANCE COMPANY, a New York corporation, Plaintiff-Appellant, v. AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, as trustee under trust agreement dated July 1, 1986, and known as Trust Number 66573; Orleans-Institute Place Associates, an Illinois limited partnership; T.S. Associates, an Illinois partnership; Barbara Enterprises, Inc., an Illinois corporation; Brian-Institute, Inc., an Illinois corporation; Joel K. Mayer; Martin H. Snitzer; Marshall Bennett; Henry Teague, Jr.; Bennett/Snitzer, Inc.; HMI Partnership, an Illinois partnership; Martin-Institute, Inc., an Illinois corporation; The City of Chicago, a municipal corporation; (The Department of Economic Development); W.W. Grainger, Inc.; Teaco Contracting, Inc.; X Walt X Corporation, d/b/a Gold's Gym; Werner Erhard and Associates; Landmark Education Corporation; LaSalle National Bank; Walsh Higgins and Company; Nonrecord Claimants; and Unknown Owners, Defendants-Appellees.

Appellate Court of Illinois, First District, Second Division.

September 28, 1993.

Attorney(s) appearing for the Case

Winston & Strawn, Chicago (James R. Vogler and Michael J. Stepek, of counsel), for plaintiff-appellant.

Sonnenschein, Nath & Rosenthal (Richard L. Fenton and Amy R. Small, of counsel), D'Ancona & Pflaum (James K. Merguerian, of counsel), Greenberger Krauss & Tenenbaum, Chtd. (Marvin A. Tenenbaum, of counsel), O'Brien, O'Rourke, Hogan, McNulty & McCarthy (William T. Dwyer, Jr., of counsel), Chicago, for defendants-appellees.

Presiding Justice McCORMICK delivered the opinion of the court:

Plaintiff Asset Guaranty Reinsurance Company (Insurer) sued to foreclose on a mortgage. Shortly thereafter, Insurer moved to appoint a receiver. The trial court "entered and continued" the motion for 120 days. Insurer then directed tenants of the property to pay rents directly to its agents. The building owner, defendant Orleans-Institute Place Associates (Orleans), sought emergency relief from the trial...

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