McGRATH v. ADDY & McGRATH FIREWORKS, INC.

Appeal No. 3-21-0013.

216 N.E.3d 1060 (2022)

2022 IL App (3d) 210013

Michael J. McGRATH, AS TRUSTEE OF the MICHAEL J. McGRATH TRUST NO. 1, Plaintiff-Appellee, v. ADDY & McGRATH FIREWORKS, INC.; Henry Addy, Individually and d/b/a Addy Racks; Ryan McGrath; Addy Pyrotechnics, Inc.; Addy Logistics, Inc.; Wayne's World Fireworks, LLC; Ace-E, LLC; Ace Pyro, LLC; Ace Pyro Displays, LLC; Illinois National Trade Centers, LLC; and Jo-Carrol Depot LRA, Defendants. (Wayne's World Fireworks, LLC; Ace-E, LLC; Ace Pyro, LLC; and Ace Pyro Displays, LLC, Defendants-Appellants).

Appellate Court of Illinois, Third District.

Rehearing Denied September 16, 2022.


Attorney(s) appearing for the Case

Jon A. Stump , Stephen M. Buck , and Mitch M. Gilfillan , of Quinn Johnston, of Peoria, and John M. Stevens , of Brooke Stevens, P.C., of Muncie, Indiana, for appellants.

Christopher R. Dunsing , Troy A. Lundquist , of Langhenry, Gillen, Lundquist & Johnson, LLC, of Wheaton, for appellee.


OPINION

¶ 1 Plaintiff Michael McGrath, as Trustee of the Michael J. McGrath Trust No. 1, entered into a loan and security agreement with Addy & McGrath Fireworks, Inc. (AMF), whereby plaintiff agreed to loan AMF $1 million in exchange for a security interest in...

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