Fuller Family Holdings, LLC v. Northern Trust Company

CourtAppellate Court of Illinois
DecidedFebruary 13, 2007
Docket1-06-1533 Rel
StatusPublished

This text of Fuller Family Holdings, LLC v. Northern Trust Company (Fuller Family Holdings, LLC v. Northern Trust Company) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Fuller Family Holdings, LLC v. Northern Trust Company, (Ill. Ct. App. 2007).

Opinion

SECOND DIVISION FILED: February 13, 2007

No. 1-06-1533

FULLER FAMILY HOLDINGS, LLC, ) APPEAL FROM THE CIRCUIT ) COURT OF COOK COUNTY Plaintiff-Appellant, ) ) No. 04 L 014582 v. ) ) HONORABLE THE NORTHERN TRUST COMPANY, ) MARTIN S. AGRAN, ) RANDYE A. KOGAN, Defendant-Appellee. ) JUDGES PRESIDING.

JUSTICE HOFFMAN delivered the opinion of the court:

The plaintiff, Fuller Family Holdings, LLC, (Fuller Holdings), as successor in interest to the

William A. Fuller Indenture of Trust (Fuller Trust or the trust), appeals the dismissal of its action

against the defendant, The Northern Trust Company (Northern), asserting claims for (1) breach of

fiduciary duty, and (2) spoliation of evidence. For the reasons that follow, we reverse and remand

for further proceedings.

The allegations in the corrected complaint, the affidavit in support of the motion to dismiss,

and their attached exhibits reveal the following relevant facts, which we must accept as true in

reviewing the circuit court's dismissal pursuant to section 2-619 of the Code of Civil Procedure (the

Code) (735 ILCS 5/2-619 (West 2004)).

On February 28, 1918, William A. Fuller created the Fuller Trust and named Northern as

trustee. Northern acted as trustee of the Fuller Trust from 1918 until 2002. The primary asset of the

trust was a parcel of real property located at 30 North LaSalle Street in Chicago, Illinois, known as

the Fuller Parcel. No. 1-06-1533

In 1968, a plan was proposed to redevelop the land at 30 North LaSalle Street and to

construct a high-rise building on the Fuller Parcel and adjacent properties, including a parcel of land

owned by a LaSalle National Bank land trust (LaSalle Trust), known as the Civic Center Parcel. With

approval from the Fuller Trust beneficiaries and the circuit court, Northern cancelled the existing

ground lease on the Fuller Parcel and entered into a new lease with the LaSalle Trust, referred to as

the Fuller Lease. The Fuller Lease contained several provisions concerning the construction of a new

high-rise building and provided for the payment of three types of rent to the Fuller Trust: minimum

ground rent, additional ground rent, and percentage rent. Additional ground rent would be due if the

value of the land exceeded a certain amount after periodic reappraisals. Percentage rent would be

due if the tenant's yearly income from the property exceeded the minimum ground rent and additional

ground rent by a specified amount.

Northern also entered into a supplemental agreement with the LaSalle Trust and the owner

of a third adjacent parcel to jointly construct a new building on all of their properties. Pursuant to

this agreement, a new high-rise office building, known as the 30 North LaSalle building, was

constructed on the Fuller Parcel, the Civic Center Parcel, and the adjacent parcel.

In or prior to 1972, the beneficial interest in the LaSalle Trust was assigned to the 30 North

LaSalle Street Corporation. In addition, the LaSalle Trust's leasehold interest in the Fuller Lease was

assigned to the American National Bank & Trust Company, as trustee under Trust No. 28985,

(American National Trust), which became the new tenant/developer of the property. The American

National Trust experienced difficulty securing mortgage financing for the new building and requested

that Northern amend the Fuller Lease to facilitate such financing. After obtaining approval from the

2 No. 1-06-1533

circuit court, Northern amended the Fuller Lease in August 1972 to accommodate the American

National Trust in securing financing from its lender, Prudential Insurance Company (Prudential).

Pursuant to the Fuller Lease amendments, the American National Trust was named the lessee,

the amount of minimum ground rent was increased, and the amounts of additional ground rent and

percentage rent were modified. Also, Northern agreed to subordinate the trust's right to collect the

additional ground and percentage rents to the payments due from the American National Trust to

Prudential on the leasehold mortgages. In particular, paragraph 13 of the August 23, 1972 lease

amendment added a new section 3.4 to the lease, which provided as follows:

"SUBORDINATION OF PERCENTAGE RENT AND ADDITIONAL GROUND

RENT. The right of [the Fuller Trust] to collect or receive Percentage Rent shall

always be subject and subordinate to the right of the owners and holders of the

Original Leasehold Mortgages to collect and receive the indebtedness secured by said

Original Leasehold Mortgages; and the right of [the Fuller Trust] to collect or receive

Additional Ground Rent based upon appraisals made prior to January 1, 2000, shall

also be subject and subordinate to the right of the owners and holders of the Original

Leasehold Mortgages to collect and receive the indebtedness secured by said Original

Leasehold Mortgages.

If the holders of *** the Original Leasehold Mortgages *** shall foreclose

said mortgage or shall accept a conveyance or assignment of the leasehold estate ***

in lieu of foreclosure, *** then and in any such event, *** no Additional Ground Rent

whatsoever shall be due or payable then or thereafter under this lease *** by the

3 No. 1-06-1533

holders of either of the Original Leasehold Mortgages *** save and except Additional

Ground Rent, if any, based upon appraisals made on and after January 1, 2000.

Additional Ground Rent due on account of any reappraisals made as of January 1,

2000 and thereafter shall not be subordinated to the lien of any mortgage."

In addition, paragraph 14 of the August 23, 1972 lease amendment added a new section 3.5

to the lease, which provided as follows:

"TERMINATION OF PERCENTAGE RENT. If the holders of either of the Original

Leasehold Mortgages *** shall foreclose said mortgage or shall accept a conveyance

or assignment of the leasehold estate *** in lieu of foreclosure, *** then and in any

such event, *** no Percentage Rent whatsoever shall be due or payable then or at any

time thereafter during the term of this lease *** by the holders of either of the

Original Leasehold Mortgages *** and the provisions of [section 2.1©)] shall

terminate as of the date upon which foreclosure *** is complete, the date upon which

the holder of either of the Original Leasehold Mortgages *** accepts a conveyance

or assignment of the leasehold interest *** or the date the holder of either of the

Original Leasehold Mortgages *** becomes the Tenant under this lease ***

whichever of said dates shall first occur."

In consideration for these amendments to the Fuller Lease, the American National Trust and

the 30 North LaSalle Street Corporation executed a guarantee in favor of the Fuller Trust

(guarantee). Although the guarantee, dated September 14, 1972, is not included in the record on

appeal, a draft guarantee, dated September 12, 1972, was attached as an exhibit to both the corrected

4 No. 1-06-1533

complaint and the motion to dismiss. The parties agree that the executed guarantee has been lost and

that its terms are identical to or are substantially identical to those contained in the draft guarantee.

For purposes of reviewing the dismissal of the corrected complaint under section 2-619, we accept

as true the allegation that the substantive terms of the guarantee are identical to the substantive terms

of the draft guarantee.

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