Republic Bank of Chicago v. 1st. Advantage Bank

Illinois Appellate Court
Civil Court
Citation
Case Number: 
2013 IL App (1st) 120885
Decision Date: 
September 16, 2013
District: 
1st Dist.
Division/County: 
Cook Co.,1st Div.
Justice: 
CUNNINGHAM
Holding: 
Affirmed.
Analyzing case under Wyoming law, Wyoming follows "lien theory" mortgage foreclosure scheme. Mortgages state that secured debt is same debt as company's debt to other company, in unpaid rent for leased equipment. Under Wyoming law, effect of a successful credit bid is to satisfy and discharge a mortgage. Based on plain meaning in mortgage agreements, $22 million credit bid by company satisfied other company's unpaid rent debt to company making credit bid. (CONNORS and HOFFMAN, concurring.)