Giannini v. First Nat'l Bank of Des Plaines

483 N.E.2d 924 (1985)

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Giannini v. First Nat'l Bank of Des Plaines

Illinois Appellate Court
483 N.E.2d 924 (1985)

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Facts

Giannini (plaintiff) contracted to purchase a certain condominium unit in a newly constructed complex. The complex consisted of several buildings, some of which were declared as condominiums and others as rentals. The building in which Giannini’s unit was located was not declared a condominium, although it was originally supposed to be. Giannini sued First National Bank of Des Plaines, the record owner of the complex pursuant to a land trust agreement; Stape Builders, Inc., the developer; and Unity Savings Association, the mortgage holder, for delivery of his condominium unit. Shortly after Giannini filed the complaint, the Secretary of State of Illinois dissolved Stape Builders for failure to pay franchise taxes. Unity argued that specific performance was inappropriate because it would be uneconomical given the poor real estate market. The trial court dismissed the complaint because the condominium did not “exist” and could not be delivered, and doing so would cause Unity financial hardship. Giannini appealed.

Rule of Law

Issue

Holding and Reasoning (Jiganti, J.)

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