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OLSON v. ETHERIDGE

No. 82200.

686 N.E.2d 563 (1997)

177 Ill.2d 396

226 Ill.Dec. 780

Karen OLSON et al., Appellees, v. Dean ETHERIDGE et al. (August Engelhaupt, Appellant; Citizens First National Bank of Princeton, Appellee).

Supreme Court of Illinois.

September 25, 1997.

Attorney(s) appearing for the Case

Charles W. Helmig, III, Law Office of Helmig and Helmig, Peru, for August Engelhaupt.

James R. May, May and May Law Office, Princeton, for Karen Olson.

S. Linn Perkins, Vonachen, Lawless, Trager & Slevin, Peoria, for Citizens First National Bank of Princeton.

Justice BILANDIC delivered the opinion of the court:

Bay v. Williams, 112 Ill. 91, 1 N.E. 340 (1884), established the rule in Illinois that the rights of a third-party beneficiary in a contract are subject to immediate vesting and, once vested, cannot be altered or extinguished through a later agreement of the contracting parties without the assent of the beneficiary. Bay, 112 Ill. at 96-97, 1 N.E. 340. We are here called upon to determine the continued...

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