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eBook details

• Title: Bank of Lincolnwood v. Comdisco
• Author : And Reversed in Part and Remanded Illinois Appellate Court — First District (1St Division) Affirmed in Part
• Release Date : January 27, 1982
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 72 KB

Description

Plaintiff, Bank of Lincolnwood (Bank), sued defendant, Comdisco, Inc. (Comdisco), in a three-count amended complaint for breach of an oral contract to borrow money upon discounted equipment leases (count I), for unjust enrichment (count II), and for misrepresentation (count III). The Bank appeals from the dismissal of its amended complaint. Count I asserts that Comdisco requested meetings to discuss the possibility of obtaining advances from the Bank by discounting the future rental payments of computer equipment leases. Both parties orally mutually agreed that advances could be made by discounting the leases at rates to be determined on a later date. This agreement was conditioned upon the acceptance by the Bank of the creditworthiness of each lessee under the lease to be discounted. On or about April 29, 1980, 16 leases were submitted to the Bank by Comdisco. Creditworthiness of the lessees was evaluated by the Bank. On May 2, 1980, the Bank approved the credit of the lessees under at least 13 of the leases, such leases to be discounted at a rate of 16%. The Bank and Comdisco negotiated a lower rate of 15 1/2% and, on May 2, 1980, Comdisco accepted the Bank's offer to discount the leases at 15 1/2%. Between May 15, 1980, and June 1, 1980, Comdisco submitted 19 additional leases to the Bank, requesting a discount rate of 13 1/2%. On or about June 1, 1980, the Bank orally confirmed it would discount the leases. Comdisco sent a letter to the Bank, dated June 3, 1980, which recapped the status of various transactions. After a drop in interest rates, Comdisco requested the 15 1/2% interest rate of the first group of leases be lowered. The Bank refused to modify its agreement with Comdisco in that respect. Comdisco then failed to comply with its obligation to discount the leases with the Bank.

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