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CHASE MANHATTAN v. AMERICAN NAT. BANK

Nos. 1762, 1989, Dockets 95-7707(L), 95-9297(AXP).

93 F.3d 1064 (1996)

The CHASE MANHATTAN BANK, N.A., Plaintiff-Appellant-Cross-Appellee, v. AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO, as maker, not personally, but as Trustee under Trust Agreement dated January 20, 1988 and known as Trust No. 104455-00; Samuel Zell, in his individual capacity and as Trustee of Samuel Zell Revocable Trust; and B. Ann Lurie, as executrix of the Estate of Robert Lurie and as Trustee of the Robert Lurie Revocable Trust, Defendants-Appellees-Cross-Appellants.

United States Court of Appeals, Second Circuit.

Decided August 27, 1996.

Attorney(s) appearing for the Case

Andrew R. Kosloff, New York City (Kent T. Stauffer, Chase Manhattan Bank, New York City, on the brief), for Plaintiff-Appellant-Cross-Appellee.

Stephen Novack, Chicago, IL (Donald Tarkington, Novack & Macey, Chicago, IL, Raymond T. Munsell, Windels, Marx, Davies & Ives, New York City, on the brief), for Defendants-Appellees-Cross-Appellants.

Before: MINER, JACOBS and PARKER, Circuit Judges.

JACOBS, Circuit Judge:

Plaintiff Chase Manhattan Bank ("Chase") extended a loan for the financing of improvements to real property, and accepted as security a mortgage on the property and the defendants' personal guaranty that, in the event of default and foreclosure, they would pay to Chase the costs "incurred or to be incurred" by Chase in completing the improvements, or "such" costs "as estimated by the Construction Consultant...

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