Plaintiff sought to purchase certain loan documents from Defendant, pursuant to "Non-Recourse Loan Sale Agreement" (LSA). During time when parties intended to close on purchase, Plaintiff paid $400,000 to Defendant as a deposit. Closing never occurred, and Defendant retained the deposit Court properly granted summary judgment for Defendant. Defendant alleged that it was ready, willing, and able to sell loan documents, including promissory notes, to Plaintiff and that it had original documents ready to be turned over to Plaintiff at closing, which is all that was required under LSA. No showing that Defendant was unable to perform its obligations at closing. Plaintiff had no excuse for its failure to close and thus forfeited its deposits under LSA.(McBRIDE and ELLIS, concurring.)
Illinois Appellate Court
Civil Court
Loans