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07/23/87 National Bank of v. Frank M. Quinn

July 23, 1987

NATIONAL BANK OF MONTICELLO, PLAINTIFF AND COUNTERDEFENDANT AND THIRD-PARTY PLAINTIFF-APPELLANT

v.

FRANK M. QUINN, DEFENDANT AND COUNTERPLAINTIFF-APPELLEE (MARINE AMERICAN STATE BANK, F/K/A AMERICAN STATE



APPELLATE COURT OF ILLINOIS, FOURTH DISTRICT

Bank of Bloomington, Defendant and

Counterdefendant and Third-Party, Defendant-Appellant)

511 N.E.2d 259, 158 Ill. App. 3d 694, 110 Ill. Dec. 424 1987.IL.1054

Appeal from the Circuit Court of Piatt County; the Hon. Frank W. Lincoln, Judge, presiding.

APPELLATE Judges:

JUSTICE LUND delivered the opinion of the court. SPITZ, P.J., and GREEN, J., concur.

DECISION OF THE COURT DELIVERED BY THE HONORABLE JUDGE LUND

Defendant-counterplaintiff Quinn alleges plaintiff-counterdefendant-third-party plaintiff National Bank of Monticello (National) paid a check drawn on Quinn's account at National over an unauthorized endorsement. Both National and defendant-third-party defendant Marine American State Bank, F/K/A American State Bank of Bloomington (American State), assert the endorsement was the authorized endorsement of Quinn's fiduciary. The circuit court granted summary judgment for Quinn.

On June 15, 1984, Quinn drew a check for $30,000 on his account at National, payable to "Limetree Beach Associates, Ltd." (Limetree), an investment partnership in the process of being formed. It was delivered the same day to Dan L. Wey, the sole individual general partner of Limetree. Limetree's account was at American State with Wey as one of two authorized signatories. Wey had another account at American State for his accounting business, a sole proprietorship. Wey was one of two authorized signatories for that business account.

Wey endorsed the check from Quinn as follows: "Deposit 049 580." Bank account No. 049 -- 580 was for the sole proprietorship and not Limetree. The check was delivered to American State and credited to Wey's sole proprietorship account. American State endorsed the check "Pay Any Bank P.I.G. [prior endorsements guaranteed] AMERICAN STATE BANK, Bloomington, Illinois." The check was processed through normal banking channels to National, which paid the check and charged Quinn's personal account in the amount of $30,000.

Quinn subsequently demanded that National recredit his account. National did not do so. Wey and Limetree became insolvent.

National filed a two-count complaint for declaratory relief against Quinn and American State. In count I, National asked the court to determine whether it owed Quinn a duty to recredit Quinn's account. In count II, National asked for an order requiring American State to compensate National for any liability it owed to Quinn.

Quinn answered the complaint and filed a counterclaim solely against National. Quinn asked the court for an order requiring National to recredit his account in the amount of $30,000 plus interest.

In response to this counterclaim, National filed a third-party complaint against American State. National asked for reimbursement of any amounts owed Quinn because of American State's endorsement on ...


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