[Download] "Foster Enterprises v. Germania Fed. Sav" by Illinois Appellate Court — Third District Judgment Affirmed Conditioned Upon Remittitur * Book PDF Kindle ePub Free

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eBook details

• Title: Foster Enterprises v. Germania Fed. Sav
• Author : Illinois Appellate Court — Third District Judgment Affirmed Conditioned Upon Remittitur
• Release Date : January 04, 1981
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 78 KB

Description

The plaintiff, Foster Enterprises, Inc., filed this action in the Circuit Court of La Salle County, seeking specific performance and damages for breach of a certain contract it had entered into with the defendant, Germania Federal Savings and Loan Association. A jury returned a verdict for the plaintiff, awarding it specific performance and money damages in the amount of $257,000. In a post-verdict ruling the trial court set aside the award of specific performance but permitted the damage award to stand. Both the plaintiff and defendant have appealed the verdict of the circuit court. Prior to October 1974, Germania had loaned money to a certain contractor/developer for the purpose of constructing apartment projects in Batavia, Mount Vernon, Sterling and Peru, Illinois. As a result of the lender's inadequate supervision of periodic payouts, it became necessary to foreclose on the partially completed Peru project, for which Germania received a sheriff's deed in December, 1975. For nearly a year and a half, the financial institution attempted unsuccessfully to sell the unfinished apartments or alternatively to enter into a contract with a builder to finish the project.

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