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02/02/89 Grundy County National v. Walter J. Olsen

February 2, 1989

GRUNDY COUNTY NATIONAL BANK, PLAINTIFF-APPELLEE

v.

WALTER J. OLSEN, DEFENDANT-APPELLANT (J. GEORGE SMITH ET AL., DEFENDANTS)



Before addressing Olsen's contentions, we note that we have been handicapped in our consideration of this cause by a poorly prepared record and an inadequate appellant's brief. The record contains numerous documents, pleadings, and transcripts which Olsen states are relevant to this appeal; however, neither his brief nor the appendix to his brief contains a "complete table of contents, with page references, of the record on appeal" in violation of Supreme Court Rule 342(a) (122 Ill. 2d R. 342(a)). Moreover, Olsen's citations to the record are incomplete, his statement of issues is unclear, and his arguments are cursory and incomprehensible. In order to simply determine the nature of the issues before us and Olsen's position on those issues, we were forced to look at prior pleadings filed in the trial court, the trial court's memorandum decision on plaintiff's motion for summary judgment, and plaintiff's responsive brief. Finally, we note that Olsen provided us with little relevant or contemporary authority to support his claims and boldly and incorrectly asserted that no citation was necessary for two of his arguments. Notwithstanding the presentation of the appeal, we have reviewed the claims on the record and briefs provided.

APPELLATE COURT OF ILLINOIS, SECOND DISTRICT

534 N.E.2d 196, 178 Ill. App. 3d 1003, 128 Ill. Dec. 176 1989.IL.122

Appeal from the Circuit Court of Kendall County; the Hon. Wilson D. Burnell, Judge, presiding.

APPELLATE Judges:

JUSTICE INGLIS delivered the opinion of the court. UNVERZAGT, P.J., and DUNN, J., concur.

DECISION OF THE COURT DELIVERED BY THE HONORABLE JUDGE INGLIS

This appeal arises from a judgment of foreclosure and sale entered by the circuit court of Kendall County in favor of plaintiff, Grundy County National Bank. Plaintiff held legal title to the property which is the subject of this appeal in its capacity as land trustee under land trust Nos. 446 and 682. Defendant, Walter J. Olsen, one of the beneficiaries under the land trusts, executed promissory notes with plaintiff secured by a trust deed and the collateral assignment of his beneficial interest in the land trusts. Olsen defaulted, and plaintiff brought the instant action as creditor of the land trusts. Olsen raises three issues on appeal: (1) whether plaintiff breached its fiduciary duty of loyalty as land trustee of trust Nos. 446 and 682 by charging excessive interest on the notes and by failing to provide an accounting; (2) whether the trust agreement and trust deed creating trust No. 682 were valid; and (3) whether a settlement agreement executed between plaintiff and other debtors constituted a release of Olsen as a joint obligor. We affirm., Plaintiff brought its original action for foreclosure on December 20, 1983. On September 28, 1986, plaintiff filed its amended complaint for foreclosure.

Count I of plaintiff's amended complaint sought to foreclose on the beneficial interests of Walter J. Olsen and Janice B. Olsen in trust No. 682, the legal title of which was held by plaintiff as trustee through a trust agreement executed on February 1, 1979. The Olsens each held an undivided 50% interest in trust No. 682. Count I alleged that, on April 5, 1979, the Olsens assigned their respective interests in trust No. 682 to plaintiff as security for any and all indebtedness and liability to plaintiff whether then existing or thereafter created. Count I further alleged that the Olsens became indebted to plaintiff on three obligations: two notes dated May 18, 1982, and a personal guaranty on their payment of a note executed pursuant to the terms of a loan extension agreement. According to plaintiff, the Olsens defaulted on those obligations when they became due.

Count II of plaintiff's amended complaint sought to foreclose on a trust deed securing another debt. Count II alleged that, on January 11, 1977, the Olsens and J. George Smith and Anna M. Smith entered into a trust agreement with plaintiff creating land trust No. 446. Plaintiff held the legal title of the property in that trust as trustee, and each of the Olsens and the Smiths held an undivided 25% interest in the beneficial interest of trust No. 446. On April 1, 1977, the Olsens and the Smiths executed an installment note with plaintiff and secured that note with a trust deed for the property, also executed on that date. Each of the beneficiaries subsequently executed a guaranty personally guaranteeing payment of the installment note. According to plaintiff, the Olsens defaulted on the installment note when it became due.

Count III of plaintiff's amended complaint sought to foreclose on the beneficial interests of the Olsens and the Smiths in trust No. 446. Count III alleged that the beneficiaries each assigned their beneficial interests in trust No. 446 as security for all liability and indebtedness then existing or thereafter created by them. According to plaintiff, the Olsens and Smiths defaulted on the installment note and guaranty.

Prior to the filing of plaintiff's amended complaint, defendant, Janice Olsen, died and her daughter, Barbara Olsen Michael, was joined as a defendant in her capacity as heir of Janice Olsen's estate. In their answer to plaintiff's amended complaint, Walter Olsen and Barbara Olsen Michael raised numerous affirmative defenses and counterclaims alleging that plaintiff breached its fiduciary duties as land trustee. For their part, the Smiths entered into a settlement agreement with plaintiff. That agreement provided that the Smiths would consent to foreclosure of the property held in trust No. 446 in exchange for plaintiff's agreement to limit its recourse against them to foreclosure of the collateral.

On May 12, 1987, plaintiff moved for summary judgment against Barbara Olsen Michael. That motion was granted insofar as it related to plaintiff's amended complaint and Michael's answer and affirmative defenses, but denied as to her counterclaim. Plaintiff subsequently moved for summary judgment against Walter Olsen. On November 17, 1987, the trial court filed a signed, written memorandum granting plaintiff's motion for summary judgment against Olsen. That memorandum further directed plaintiff to prepare a written order in accordance with its findings; however, no such order appears in the record. On March 1, 1988, plaintiff renewed its motion for summary judgment against Barbara Olsen Michael. Although no order disposing of that motion can be found in the record, the subsequently entered judgment of foreclosure acknowledged that summary judgment had been entered against both Olsen and Michael as to their answer, affirmative defenses, and counterclaims.

On March 10, 1988, the trial court entered a judgment for foreclosure and sale regarding the property held in land trust Nos. 446 and 682. Olsen's motion for reconsideration was denied on March 25, 1988. On April 18, 1988, Olsen filed the instant appeal. No other defendant has filed an appeal in this action. Olsen's motion to stay enforcement of the judgment was denied, and the property was subsequently sold. Plaintiff purchased the property held in trust No. 682, and a third party purchased the property held in trust No. 446. On May 13, 1988, the trial court approved the sheriff's report of sale and distribution.

Olsen first contends that plaintiff breached its fiduciary duty as land trustee because it charged excessive interest rates and failed to provide an accounting of the sums borrowed, ...


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