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Heller Financial, Inc. v. Lee
United States District Court for the Northern District of Illinois
2002 WL 1888591 (2002)
Harry Lee and L. Joe VanWhy (defendants) formed Royal Plaza, Limited and Maddlee, Incorporated to purchase a hotel. Royal Plaza and Maddlee borrowed $9.9 million from Heller Financial, Incorporated (Heller) (plaintiff) to finance the purchase. The nonrecourse loan provided that the defendants would be personally liable if any liens were placed on the property during the term of the loan. After purchase, the hotel was managed by a third party, and six liens were placed on the property. A few months later, Heller notified the defendants of the default and demanded the balance of the loan. The hotel was auctioned at public sale. Heller received the proceeds, but the amount was insufficient to cover the debt. Heller sued the defendants under the loan agreement. The trial court denied the defendants’ motion for summary judgment, but granted Heller’s cross-motion for partial summary judgment. The defendants appealed.
Rule of Law
Holding and Reasoning (Norgle, J.)
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