Wells Fargo Bank Minnesota, NA v. Envirobusiness, Inc.

Illinois Appellate Court
Civil Court
Uniform Commercial Code
Citation
Case Number: 
2014 IL App (1st) 133575
Decision Date: 
Wednesday, November 5, 2014
District: 
1st Dist.
Division/County: 
Cook Co., 3d Div.
Holding: 
Affirmed.
Justice: 
LAVIN
Bank filed supplemental proceedings to enforce monetary judgment against a principal on $11 million commercial mortgage loan. Loan was eventually sold and placed in investment trust. Pursuant to UCC, stock in non-Illinois corporations is not as a rule exempt from levy or from turnover under Section 2-1402 of Code of Civil Procedure, and principal did not show that his stock was exempt. (PUCINSKI and MASON, concurring.)