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BANK OF CHICAGO v. PARK NAT'L BANK

No. 1-93-1594.

640 N.E.2d 1288 (1994)

266 Ill. App.3d 890

203 Ill.Dec. 915

BANK OF CHICAGO, formerly known as Bank of Chicago-Garfield Ridge, an Illinois banking corporation, Plaintiff-Appellee and Cross-Appellant, v. PARK NATIONAL BANK, a national association, Defendant-Appellant and Cross-Appellee, and Sheldon Bernstein, an individual, Cross-Appellee.

Appellate Court of Illinois, First District, Second Division.

September 27, 1994.

Attorney(s) appearing for the Case

Jones, Day, Reavis & Pogue, Chicago (James Daly, Irene Savanis and Nancy Tanck, of counsel), for appellant.

Holleb & Coff, Chicago (Paul Fox, Richard Rhodes and Lori Goldstein, of counsel), for appellee.

Kwiatt & Silverman, Ltd., Chicago (A. Marcy Newman and Michael Silverman, of counsel), for cross-appellee.

Justice HARTMAN delivered the opinion of the court:

On November 4, 1988, plaintiff Bank of Chicago (formerly Bank of Chicago-Garfield Ridge) (Garfield) entered into a loan participation agreement with defendant Park National Bank (Park) in which Garfield purchased a $1 million participation in Park's loans to Evron Industries, Ltd. (Evron), secured by a blanket assignment of Evron's corporate assets. Evron subsequently defaulted on its loans and filed for bankruptcy...

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