Krajcir v. Egidi
Illinois Appellate Court
712 N.E.2d 917 (1999)
- Written by Sean Carroll, JD
Facts
On March 18, 1982, Robert Krajcir (plaintiff) agreed to sell an apartment building to Mario Egidi (defendant). On September 15, 1982, Egidi issued Krajcir to recover on a promissory note in connection with the purchase. The note stated that payment was not payable on demand but due on the date the United States Department of Housing and Urban Development (HUD) endorsed the loan for the project related to the building. HUD completed the endorsement of the project on April 29, 1983. Two payments were subsequently made to Krajcir in the total amount of $65,000, but no further payments were made. On March 3, 1994, Krajcir sued Egidi to recover the remaining balance. The circuit court granted Egidi’s motion to dismiss the complaint on the ground that the six-year statute of limitations for negotiable instruments in Illinois’s Uniform Commercial Code (UCC) had expired. Krajcir appealed, arguing that the promissory note was not a negotiable instrument and, accordingly, that a different UCC provision applied with a statute of limitations of 10 years.
Rule of Law
Issue
Holding and Reasoning (Hartman, J.)
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