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COLONIAL FUNDING, L.L.C. v. AMERICAN EMPIRE SURPLUS LINES INC.

No. 1-98-3062.

719 N.E.2d 1098 (1999)

308 Ill. App.3d 376

241 Ill.Dec. 695

COLONIAL FUNDING, L.L.C., an Illinois Limited Liability Company, Plaintiff-Appellant, v. AMERICAN EMPIRE SURPLUS LINES INSURANCE COMPANY, a Delaware corporation, Defendant-Appellee.

Appellate Court of Illinois, First District, Fourth Division.

September 30, 1999.

Attorney(s) appearing for the Case

Angelo Ruggiero, Chicago, Michael R. Esposito, River Forest, for Appellant.

Tribler Orpett & Crone, P.C., Chicago, for Appellee.

Justice HALL delivered the opinion of the court:

Plaintiff, Colonial Funding, L.L.C. (Colonial), appeals from the dismissal with prejudice of its verified complaint for conversion of insurance proceeds. For the reasons that follow, we affirm.

The following facts are relevant to this appeal.

On June 6, 1994, Colonial entered into a factoring agreement with Chemicals Trading, Inc. (Chemicals Trading). Pursuant to the agreement, Colonial held a first...

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