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Property Keyed to Sprankling
Giannini v. First Nat’l Bank of Des Plaines
Facts
Plaintiff, Giannini, made an agreement to purchase a condominium in a newly built complex. The complex is composed of many buildings, some buildings that are designated for condominiums and others that are rentals. Plaintiff’s building has not been designated to be a condominium building, even though it was supposed to be. Plaintiff brought suit against First National Bank of Des Plaines, Defendant, who was the record owner of the complex, Stape Builders, Inc, the developer, and United Savings Association, the mortgage holder. After the complaint was filed, Stape Builders was dissolved for failure to pay its franchise taxes. Unity contended that specific performance should not be granted because it would be an economic waste. The trial court dismissed the complaint on the grounds that the condominium did not “exist,” and, therefore, could not be given to Plaintiff.
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