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Bankruptcy Keyed to Levitan, 3rd Ed.
Sahadi v. Continental Illinois National Bank & Trust Co. of Chicago
Citation:
706 F.2d 193 (1983)Facts
GLE, an international shipping line, began its relationship with Continental Bank in 1976 with a $3 million loan personally guaranteed by the Sahadis. The relationship deteriorated after the Bank failed to fulfill an $11 million loan commitment. After negotiations, two agreements were executed on October 25, 1977. One agreement between the Sahadis and the Bank released the Bank from claims related to the unfulfilled loan commitment and collateralized the Sahadis’ guarantee. The second agreement between GLE and the Bank provided that the Bank would forbear from demanding payment until December 31, 1977, except if GLE failed to make interest payments by November 15, 1977. Despite previously accepting late payments, the Bank prepared to take advantage of GLE’s tendency for late payment. When GLE missed the November 15 deadline by less than a day, the Bank immediately called the loan, refusing GLE’s offer to make immediate payment. This action destroyed GLE and subjected the Sahadis to liability on their personal guarantee.
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