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IN RE HOVIS

No. 02-2450.

356 F.3d 820 (2004)

In the matter of: James E. HOVIS and James E. Hovis Trust No. 90, Debtors-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided February 2, 2004.

Rehearing Denied February 25, 2004.

Attorney(s) appearing for the Case

John J. Voorhees, Jr. (argued), Mayer, Brown, Rowe & Maw, Chicago, IL, for Appellee.

Bradley T. Koch (argued), Holmstrom & Kennedy, Rockford, IL, for Debtors — Appellants.

Before BAUER, EASTERBROOK, and RIPPLE, Circuit Judges.

EASTERBROOK, Circuit Judge.

James Hovis borrowed more than $2 million from the National Bank & Trust Company of Sycamore. The debt was secured by pledged stock plus liens on other assets. Hovis repeatedly fell behind in repayment, and the Bank repeatedly agreed to extend and restructure the repayment schedule. When Hovis failed to meet the latest restructured schedule, and the market price of some stock pledged to secure the loan fell, the Bank attempted to foreclose...

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