APPELLATE COURT OF ILLINOIS, THIRD DISTRICT
BANK & TRUST COMPANY OF JOLIET, as
Trustee, et al., Defendants
Nos. 3-88-0603, 3-88-0635 cons.
547 N.E.2d 4, 190 Ill. App. 3d 186, 138 Ill. Dec. 134 1989.IL.1370
Appeal from the Circuit Court of Will County; the Hon. Herman S. Haase, Judge, presiding.
PRESIDING JUSTICE WOMBACHER delivered the opinion of the court. SCOTT and STOUDER, JJ., concur.
DECISION OF THE COURT DELIVERED BY THE HONORABLE JUDGE WOMBACHER
In February 1983, the defendant corporation, Will-Cook Waste, Inc. (hereinafter Will-Cook) executed a contract to purchase certain real estate in Joliet, Illinois. The real estate comprised just under five acres, and was valued at $330,000. In April of that same year a land trust was created naming Union National Bank of Joliet (hereinafter Union National Bank) as trustee and designating Will-Cook as sole beneficiary.
In April of 1984, Will-Cook received a $250,000 loan from Union National Bank. To secure the loan, Union National Bank gave its trust deed to Thomas Hickey, the bank's president. Mr. Henry Bechstein and Mr. Robert Pruim, Will-Cook's president and secretary, respectively, executed an installment note in the amount of $250,000, payable to the bank. Several individuals, including Robert Pruim, Norine Pruim, Edward Pruim, Bernetta Pruim, Henry Bechstein, Barbara Bechstein, Geraldine Foschi and Edward Foschi, guaranteed repayment of the note by signing a guarantee.
Will-Cook defaulted on repayment. In July 1985, Mr. Hickey filed a one-count complaint for foreclosure of the trust deed. The summons for Will-Cook was served at the home of Mr. Bechstein and received by his daughter, Kelly. Each of the guarantors received personal or substitute service.
A foreclosure judgment was issued by the trial court on December 19, 1985. Mr. Anthony Christafaro was assigned the judgment on December 27, 1985. The ...