(DOWNLOAD) "Motz v. Central National Bank" by Illinois Appellate Court — First District (5Th Division) Reversed and Remanded " Book PDF Kindle ePub Free
eBook details
- Title: Motz v. Central National Bank
- Author : Illinois Appellate Court — First District (5Th Division) Reversed and Remanded
- Release Date : January 18, 1983
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
This appeal is from summary judgment for defendants in an action to set aside the sale of plaintiffs' beneficial interest in a land trust and in a consolidated action in forcible entry and detainer brought by defendants against plaintiff Harold Motz (Harold). Plaintiffs contend that summary judgment was improperly granted. In the alternative, they maintain that the trial court erred in ruling that they were not entitled to a homestead exemption. It is undisputed that plaintiffs purchased the subject property, a single-family residence located in Glenwood, Illinois, as joint tenants in 1966, assuming a $27,000 mortgage as part of the consideration therefor. In 1968, the property was deeded to Steel City National Bank of Chicago (Steel City), 1 as trustee under Trust No. 562 (the Steel City trust), with plaintiffs as sole beneficiaries thereunder. Subsequently, plaintiffs encountered financial difficulties, and Harold sought a loan from Steel City, signing a 60-day promissory note on October 7, 1980, secured by a purported pledge of 100% of the beneficial interest in the Steel City trust. Harold was unable to pay the note when it became due, and the debt was refinanced by a 180-day promissory note in the total amount of $19,141.57, again secured by a purported pledge of 100% of the beneficial interest in the Steel City trust. Each note was signed solely by Harold. When the loan was not repaid, Steel City sold the beneficial interest at public sale on January 8, 1982, subject to the prior mortgage, then in default, to Arthur M. Heller (Heller) acting as nominee of Central National Bank, as trustee (CNB) under Trust No. 24962 (the CNB trust), for $22,501 — one dollar more than the amount then due Steel City under the defaulted note.
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