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BANK OF AMERICA v. 108 N. STATE RETAIL

No. 1-09-3523.

928 N.E.2d 42 (2010)

BANK OF AMERICA, N.A., a National Banking Association, Successor by Merger to LaSalle Bank National Association, as Agent for Lenders, Plaintiff-Appellee and Counterdefendant-Appellee, v. 108 N. STATE RETAIL LLC, an Illinois Limited Liability Company, 108 N. State Transit LLC, an Illinois Limited Liability Company, and Unknown Owners and Nonrecord Claimants, Defendants-Appellants and (Laurance H. Freed and DDL LLC, an Illinois Limited Liability Company, Defendants and Counterplaintiffs; 108 N. State Retail LLC, an Illinois Limited Liability Company, 108 N. State Transit, LLC, an Illinois Limited Liability Company, Counterplaintiffs-Appellants).

Appellate Court of Illinois, First District, Third Division.

March 31, 2010.

Attorney(s) appearing for the Case

Lynch & Stern LLP, Chicago (Daniel Lynch, Avidan J. Stern and Justin D. Kaplan, of counsel) and Jenner & Block, LLP, Chicago (Robert L. Graham, Barry Levenstam, R. Douglas Rees and J. Andrew Hirth, of counsel), for Appellants.

Seyfarth Shaw, LLP, Chicago (John H. Anderson, Gus A. Paloian and Jerome F. Buch, of counsel), for Appellee.

Justice QUINN delivered the opinion of the court:

Defendants 108 N. State Retail LLC, 108 N. State Transit LLC, Laurance H. Freed and DDL, LLC, appeal from an order of the trial court granting a motion for the appointment of a receiver in the mortgage foreclosure proceeding brought by plaintiff, Bank of America, N.A. On appeal, defendants contend that the trial court erred in appointing a receiver because (1) the plaintiff has no "reasonable probability" of prevailing...

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