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CHICAGO TITLE & TRUST v. TELCO CAP. CORP.

No. 1-96-2257.

685 N.E.2d 952 (1997)

292 Ill. App.3d 553

226 Ill.Dec. 497

CHICAGO TITLE AND TRUST COMPANY, an Illinois corporation, as Trustee under Indenture between Technical Equipment Leasing Corporation (now Telco Capital Corporation), and Chicago Title and Trust Company, as Trustee dated as of March 14, 1981, Plaintiff-Appellant, v. TELCO CAPITAL CORPORATION, a Delaware corporation, formerly known as Technical Equipment Leasing Corporation, Defendant-Appellee.

Appellate Court of Illinois, First District, Third Division.

Rehearing Denied October 17, 1997.

Attorney(s) appearing for the Case

Franklin S. Schwerin and James R. Edmunds of Schwartz, Cooper, Greenberger & Krauss, Chartered, Chicago, for Plaintiff-Appellant.

Gerald M. Tierney, Jr., Chicago, for Defendant-Appellee.

Justice LEAVITT delivered the opinion of the court:

In March 1981, Telco Capital Corporation (Telco) issued debentures in a principal amount exceeding $5.6 million. At that time, Telco and Chicago Title and Trust Company (CTT) executed an indenture pursuant to which CTT acted as trustee for the debenture holders' benefit. The indenture was subject to the Trust Indenture Act of 1939. 15 U.S.C. sec. 77 aaa et seq. (1981).

On April 1, 1995, Telco owed...

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