First National Bank of Monroe v. Harris Trust & Savings Bank

649 F. Supp. 1577, 1987 U.S. Dist. LEXIS 275
CourtDistrict Court, W.D. Wisconsin
DecidedJanuary 7, 1987
DocketNo. 86-C-694-S
StatusPublished

This text of 649 F. Supp. 1577 (First National Bank of Monroe v. Harris Trust & Savings Bank) is published on Counsel Stack Legal Research, covering District Court, W.D. Wisconsin primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
First National Bank of Monroe v. Harris Trust & Savings Bank, 649 F. Supp. 1577, 1987 U.S. Dist. LEXIS 275 (W.D. Wis. 1987).

Opinion

MEMORANDUM AND ORDER

SHABAZ, District Judge.

Plaintiff First National Bank of Monroe (FNB), a bank with its principal place of business in Monroe, Wisconsin, has brought this action against Bruce Roethke, a Wisconsin resident and loan officer at plaintiff Bank, and Harris Trust & Savings Bank (Harris), an Illinois banking corporation, in Green County Circuit Court. The defendant Harris Trust & Savings Bank has removed the case to this Court. The case is currently before this Court on plaintiff's motion to remand the case to state court.

FACTS

The facts of this case as stated in plaintiffs complaint are as follows.

Plaintiff First National Bank of Monroe had a commercial lending relationship with Crandall, Inc., a business engaged in selling automotive parts and services. Defendant Bruce Roethke was the loan officer for the Crandall loan accounts.

In early 1984, Crandall approached FNB regarding a loan to purchase a tire company and other additional financing totaling $1.3 million. However, the $1.3 million sought by Crandall exceeded the amount FNB could lawfully lend to Crandall in light of Crandall’s existing debt to FNB, pursuant to the federal lending limits set forth in 12 U.S.C. § 84 and regulations promulgated by the Comptroller of the Currency.

Because of Monroe’s inability to lend Crandall the amount it sought, Monroe contacted defendant Harris Trust & Savings Bank with respect to Harris participating in a $1.3 million loan to Crandall. Harris agreed to be a 100 percent participant in the loan and provide the full $1.3 million needed by Crandall.

To secure all FNB loans, including the participated loan, Crandall executed a security agreement granting FNB a security interest in certain collateral, which did not include any real estate. As a result of the security agreement, the collateral for the participated loan was an undivided percentage interest in property covered by the security agreement and equal to the amount of the participated loan as a percentage of Crandall’s total obligations to FNB.

In conjunction with the participated loan, FNB and Harris entered into a participation certificate and agreement which set out the respective rights and obligations of FNB and Harris relating to the participated loan. Also in connection with the participated loan, Roethke executed a document titled “Supplement to Participation Certificate” prepared by Harris.

On or about July 15, 1985, FNB received a mortgage in certain real property from Vera Crandall for all existing obligations of Crandall to FNB. The mortgage was not intended to secure the participated loan.

During August and September 1985, FNB extended the terms of existing loans to Crandall in reliance upon the security it held, including the security it shared with Harris and the collateral it held alone. The extensions of credit totaled $900,000.

On November 26, 1985, Crandall filed a bankruptcy petition. Since the time of the bankruptcy filing, Harris has taken the position that the Supplement gives first priority as to all collateral of Crandall held by FNB. Harris has taken the position that it [1579]*1579is not obligated to share pro rata in proceeds of collateral securing all FNB loans to Crandall, including the participated loan. Harris has also taken the position that the Supplement entitled it to all proceeds of collateral which was never intended to secure the participated loan, such as the mortgage. The Bankruptcy Court has entered an order permitting Harris and FNB, acting together and without deciding the rights between the parties, to proceed to liquidate certain collateral and to collect proceeds of that collateral. Those proceeds have been deposited into an escrow held in trust at FNB pursuant to an agreement between the parties.

On September 4, 1986, FNB brought this action against Harris and Roethke in the Circuit Court for Green County, Wisconsin. In its complaint, plaintiff FNB sets forth eight claims for relief. In its first claim for relief, plaintiff asks the Court to declare the meaning and effect of the Supplement. Specifically, plaintiff asks the Court to declare that the Supplement does not change the participation certificate’s terms providing for a pro rata distribution of all collections and proceeds of collateral. In its second claim for relief, plaintiff contends that if Harris’ interpretation of the Supplement is correct, then Harris used fraud in getting Roethke to execute the Supplement. In its third claim for relief, plaintiff asks the Court to declare the Supplement void because if Harris’ interpretation of the Supplement is correct, the Supplement has caused FNB to exceed its federal lending limits. In its fourth claim for relief, plaintiff asks the' Court to declare the Supplement void because if Harris’ interpretation of the Supplement is correct, the Supplement has defeated the essential purpose of the participated loan. In its fifth claim for relief, plaintiff asks the Court to declare the Supplement void for lack of consideration. In its sixth claim for relief, plaintiff alleges that Roethke breached his fiduciary duty to FNB by signing the Supplement without reading and understanding it and without seeking and receiving express authorization to sign the Supplement from FNB. In its seventh claim for relief, plaintiff alleges that Roethke breached his employment contract by failing to exercise care and prudence in carrying out his duties and by failing to comply with all applicable FNB loan policies and procedures with regard to the Supplement. In its eighth and final claim for relief, plaintiff alleges that Roethke acted negligently in executing the Supplement.

On September 22, 1986, defendant Harris removed the case to this Court, pursuant to 28 U.S.C. §§ 1441(c), 1441(b), and 1452(a). Plaintiff has moved the Court to remand the case to state court.

OPINION

Defendant Harris has removed the case to this Court based upon 28 U.S.C. §§ 1441(c), 1441(b), and 1452(a). This Court will examine whether removal is proper under any of these provisions. Section 1441(c) provides that:

(c) Whenever a separate and independent claim or cause of action, which would be removable if sued upon alone, is joined with one or more otherwise non-removable claims or causes of action, the entire case may be removed and the district court may determine all issues therein, or, in its discretion, may remand all matters not otherwise within its original jurisdiction.

The issue in this case is whether the claims against Harris, which would be removable based upon diversity jurisdiction, are “separate and independent” from the claims against Roethke, which would not be removable for non-diversity reasons.

The Seventh Circuit, when construing 28 U.S.C.

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649 F. Supp. 1577, 1987 U.S. Dist. LEXIS 275, Counsel Stack Legal Research, https://law.counselstack.com/opinion/first-national-bank-of-monroe-v-harris-trust-savings-bank-wiwd-1987.