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CSY LIQUIDATING CORP. v. HARRIS TRUST AND SAV. BANK

No. 98-2023.

162 F.3d 929 (1998)

CSY LIQUIDATING CORPORATION, Plaintiff-Appellant, v. HARRIS TRUST AND SAVINGS BANK, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided December 3, 1998.

Attorney(s) appearing for the Case

Daniel R. Shulman (argued), Shulman, Walcott & Shulman, Minneapolis, MN, for Plaintiff-Appellant.

Daniel W. Weil, Chapman & Cutler, Chicago, IL, Christina L. Sciabica, Grippo & Elden, Chicago, IL, for Defendant-Appellee.

Before POSNER, Chief Judge, and EASTERBROOK and RIPPLE, Circuit Judges.

POSNER, Chief Judge.

Harris Bank issued an $8 million line of credit to CSY, a manufacturer of barges, on a secured basis. CSY defaulted, and Harris sold CSY's promissory notes to Trinity, a competitor of CSY, for the full amount that CSY owed the bank. Trinity demanded payment from CSY and threatened to foreclose on the security if payment was not forthcoming. The demand and threat precipitated negotiations that ended in CSY's selling its assets to Trinity. In this...

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