(Download) "First Arlington Nat'l Bank v. Stathis" by Illinois Appellate Court — First District (5Th Division) Orders Affirmed ~ eBook PDF Kindle ePub Free
eBook details
- Title: First Arlington Nat'l Bank v. Stathis
- Author : Illinois Appellate Court — First District (5Th Division) Orders Affirmed
- Release Date : January 27, 1983
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 75 KB
Description
This appeal is from the entry of summary judgment for Gus Stathis (defendant) in an action for declaratory judgment brought to determine the rights and obligations of the parties under a letter of credit issued by the plaintiff bank. Plaintiff contends that the trial court erred in ruling that (1) none of the exceptions contained in section 5-114(2) of the Uniform Commercial Code (the Code) (Ill. Rev. Stat. 1979, ch. 26, par. 5-114(2)) excused plaintiff's duty to honor the letter of credit; (2) defendant did not breach any warranties made by him pursuant to section 5-111(1) of the Code (Ill. Rev. Stat. 1979, ch. 26, par. 5-111(1)); (3) none of the other warranty sections of the Code were applicable to the transaction in question; and (4) defendant was entitled to prejudgment interest pursuant to section 2 of An Act in relation to the rate of interest and other charges in connection with sales on credit and the lending of money (the Interest Act) (Ill. Rev. Stat. 1979, ch. 74, par. 2) 1 from the date of his demand for payment. In his cross-appeal, defendant maintains that the trial court erred in limiting its award of prejudgment interest to 5%. In a prior appeal in this case, First Arlington National Bank v. Stathis (1980), 90 Ill. App.3d 802, 413 N.E.2d 1288, we reversed the trial court's entry of summary judgment for plaintiff and remanded for further consideration of defendant's cross-motion for summary judgment. The facts of the transaction in question are set forth in detail in that opinion, and the parties presented no additional evidence after remand; therefore, we shall repeat only such facts as are relevant to the issues herein.
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