(Download) "Trident Ind. Pr. Corp. v. Am. Nat'l Bank" by Illinois Appellate Court — First District (3Rd Division) Order Affirmed # Book PDF Kindle ePub Free
eBook details
- Title: Trident Ind. Pr. Corp. v. Am. Nat'l Bank
- Author : Illinois Appellate Court — First District (3Rd Division) Order Affirmed
- Release Date : January 19, 1986
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 73 KB
Description
Plaintiff, Trident Industrial Products Corporation (Trident), appeals from a judgment order entered March 21, 1985, in favor of the defendant, American National Bank and Trust Company of Chicago, N.A. (American). The following issues are presented for our review: (1) whether the trial court's findings of fact and conclusions of law were manifestly erroneous; (2) whether the trial court abused its discretion in denying Trident's motion to supplement its first amendment to complaint and denying its motion at the close of evidence to file a second amendment to the complaint to conform the pleadings to the proofs; and (3) whether the judgment order entered disposed of all the issues in the cause. In 1979 St. Bernice was in default of its payment on a promissory note for $330,528.53 to Mercantile National Bank of Chicago, its secured lender. In December 1979 the note was assigned to American, which succeeded to a security interest in St. Bernice's accounts receivable, inventory, and other assets. In late 1980 St. Bernice advised American that it had been awarded a defense contract to manufacture sleeping bags for the United States Air Force. St. Bernice unsuccessfully sought loans from American to allow it to perform the contract and simultaneously pursued other avenues of credit. Trident had previously been one of St. Bernice's material suppliers but had severed its relationship with St. Bernice for nonpayment in the latter part of 1980, at which time it was owed $45,000.