O’Hare Ground Transport Facility v. FirstMerit Bank, et al

2013 IL App (1st) 121428-U

The court affirmed the trial court’s rulings that defendant bank was not responsible to pay $1,000,000.00 for uncollateralized letters of credit issued by the failed predecessor bank. The court held that the purchase and assumption agreement governing the FDIC’s take-over did not provide that the successor bank would assume liability for letters of credit.

Related Practice: Appellate Litigation