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BANK OF AMERICA NAT. TRUST v. SCHULSON

No. 1-97-2679.

714 N.E.2d 20 (1999)

305 Ill. App.3d 941

239 Ill.Dec. 462

BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, f/k/a Bank of America Illinois, f/k/a Continental Bank N.A., Plaintiff and Counterdefendant-Appellant and Cross-Appellee, v. Michael SCHULSON and Robert Blessing, Defendants and Counterplaintiffs-Appellees and Cross-Appellants.

Appellate Court of Illinois, First District, Third Division.

As Modified Upon Denial of Rehearing June 30, 1999.

Attorney(s) appearing for the Case

Michele Odorizzi, William E. Deitrick and Marc R. Lisker of Mayer, Brown & Platt, Chicago, for Appellant.

Dean A. Dickie of D'Ancona & Pflaum, Chicago, for Appellee Michael Schulson.

Howard L. Adelman, Henry B. Merens and Mark A. Carter of Adelman, Gettleman, Merens, Berish & Carter, Ltd., Chicago, for Appellee Robert Blessing.

MODIFIED ON DENIAL OF REHEARING

Presiding Justice CAHILL delivered the opinion of the court:

Plaintiff Bank of America National Trust and Savings Association sued defendants Michael Schulson and Robert Blessing to enforce guaranties defendants made for a loan. The dispute centers around the meaning of a "burn down" clause that reduces the amount guaranteed as principal payments are made "with respect to the liabilities." The bank argues on appeal...

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