FIRSTMARK STANDARD LIFE v. SUPERIOR BANK

No. 1-93-1909.

649 N.E.2d 465 (1995)

271 Ill.App.3d 435

208 Ill.Dec. 409

FIRSTMARK STANDARD LIFE INSURANCE COMPANY, an Indiana life insurance company, Plaintiff-Appellee, v. SUPERIOR BANK FSB, Defendant-Appellant Harris Trust & Savings Bank, as Trustee under Trust Agreement dated October 20, 1980, a/k/a Trust No. 40704; Virick Limited, as a beneficiary under Trust Agreement dated October 20, 1980, a/k/a Trust No. 40704; Life Assurance Company of Pennsylvania; McDonald's Corporation; Hit or Miss, Inc., f/k/a Commonwealth Trading, Inc., a Delaware corporation; Nurses Guaranteed Retirement Life Insurance Company, a Florida stock insurance company; Morgan Services, Inc.; S & R Printing, Inc., Unknown Owners who may be beneficiaries under Trust Agreement Dated October 20, 1980, a/k/a Trust No. 40704; and Unknown Owners and Non-Record Claimants, Defendants.

Appellate Court of Illinois, First District, Fourth Division.

March 31, 1995.


Attorney(s) appearing for the Case

Aronberg, Goldgehn, David & Garmisa, Chicago (Nathan H. Lichtenstein, David H. Sachs, of counsel), for appellant.

Richard F. Zehnle, John D. Malarkey of Vedder, Price, Kaufman & Kammholz, Chicago, for appellee.


Justice THEIS delivered the opinion of the court:

The plaintiff, Firstmark Standard Life Insurance Company (Firstmark), and the defendant, Superior Bank FSB (Superior), both held mortgages on real estate commonly identified as 222 North Michigan Avenue. This real estate was the res of a land trust. After the trust defaulted on its loan, Firstmark filed a complaint seeking foreclosure; subsequently, Superior likewise sought foreclosure. Pursuant to section 2...

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