Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Community South Bank v. Quip Industries

August 4, 2008

COMMUNITY SOUTH BANK, PLAINTIFF,
v.
QUIP INDUSTRIES, INC., JAMES F. BOLK, AND TIMOTHY J. BOLK, DEFENDANTS.



The opinion of the court was delivered by: Murphy, District Judge

JUDGMENT DECREE AND ORDER DIRECTING SALE

For the reasons set forth on the record at the July 28, 2008, hearing, the Court GRANTS Plaintiff Community South Bank's motion for summary judgment pursuant to Federal Rule of Civil Procedure 56(a).*fn1 Judgment is entered in favor of Plaintiff and against Defendants Quip Industries, Inc., James F. Bolk, and Timothy J. Bolk, as set forth below.

The Court makes the following findings:

1. The Court has federal subject matter jurisdiction over this action pursuant to 28 U.S.C. § 1332(a). Plaintiff, Community South Bank, is a Tennessee corporation with its principal place of business in Tennessee; Defendant Quip Industries, Inc., is a Delaware corporation with its principal place of business in Illinois; Defendant James F. Bolk is a citizen of Illinois; and Defendant Timothy J. Bolk is a citizen of Illinois. The amount of mortgage sought to be foreclosed is $1,865,000.00, so the amount in controversy requirement is easily met.

2. All material allegations of the complaint are proven, and the allegations are supported by affidavit setting forth the amount now due in accordance with 735 ILCS 5\15-1506(a)(2) (see Doc. 21-2, Exhibit A). Moreover, the mortgage (hereinafter the "Mortgage") and security foreclosed are filed with the Court (see Doc. 21-2, Exhibit D).

3. The deemed allegations of the Complaint, as provided for by 735 ILCS 5/15-1504(c) have been proved, and the Court further finds as follows:

a. On the date indicated in the Complaint, the obligor of the indebtedness secured by the Mortgage was justly indebted in the amount of the indicated original indebtedness to Community South Bank.

b. The exhibits attached to the Complaint are true and correct copies of the Mortgage and Note.

c. The mortgagor was, at the date indicated in the Complaint, owner of the fee interest in the real estate described in the Complaint (hereinafter "Real Estate") and as of that date made, executed, and delivered the Mortgage as security for the Note (attached as Exhibit C to the Complaint).

d. The Mortgage was recorded in Clinton County, Illinois, on the date indicated, as Document No. 2005r04491.

e. The mortgagor defaulted in its obligations and performances under the Note and Mortgage as indicated in the Complaint and pursuant to the affidavits attached to Community South Bank's motion for summary judgment.

f. Quip Industries, Inc. is the owner of the fee simple interest in and to the Real Estate described.

g. The Mortgage constitutes a valid and subsisting lien upon the mortgaged Real Estate legally described in the Complaint and below, which lien is prior and superior to the right, title, interest, claim, or lien of all parties whose interests in the mortgaged real estate are terminated by this foreclosure.

h. By reason of the defaults alleged and proved, if the indebtedness had not matured by its terms, the same became due by the exercise by Plaintiff of a right of acceleration or power to declare immediately due and ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.