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INDEPENDENT TRUST CORP. v. KANSAS BANKERS

No. 1-09-3294.

954 N.E.2d 401 (2011)

352 Ill. Dec. 541

INDEPENDENT TRUST CORPORATION, Plaintiff-Appellant, v. KANSAS BANKERS SURETY COMPANY, a Kansas Corporation, Defendant-Appellee.

Appellate Court of Illinois, First District, Sixth Division.

Rehearing Denied August 8, 2011.

Attorney(s) appearing for the Case

Robert J. Shelist , Mark A. Schwartz , Shelist & Schwartz, LLP, Chicago, for Appellant.

John R. Zemenak , Rathjie & Woodward, Wheaton, Stanley R. Parker , Parker & Hay, LLP, Topeka, KS, for Appellee.

OPINION

Justice CAHILL delivered the judgment of the court, with opinion.

¶ 1 The core issue in this case is whether section 6-7.1 of the Corporate Fiduciary Act (Act) (205 ILCS 620/6-7.1 (West 2006)) tolls the contractual termination provision of a financial institution crime bond insurance policy (Bond) when the insured, Independent Trust Corporation (Intrust), notified the insurer, Kansas Bankers Surety Company (KBS), of a claim or right of action...

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