Heartland Polymers Realty, Inc. v. Polychem Services, Inc.

2021 IL App (3d) 190581-U
CourtAppellate Court of Illinois
DecidedApril 1, 2021
Docket3-19-0581
StatusUnpublished

This text of 2021 IL App (3d) 190581-U (Heartland Polymers Realty, Inc. v. Polychem Services, Inc.) 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
Heartland Polymers Realty, Inc. v. Polychem Services, Inc., 2021 IL App (3d) 190581-U (Ill. Ct. App. 2021).

Opinion

NOTICE: This order was filed under Supreme Court Rule 23 and is not precedent except in the limited circumstances allowed under Rule 23(e)(1).

2021 IL App (3d) 190581-U

Order filed April 1, 2021

IN THE

APPELLATE COURT OF ILLINOIS

THIRD DISTRICT

HEARTLAND POLYMERS REALTY, INC., ) Appeal from the Circuit Court an Illinois Corporation, ) of the 10th Judicial Circuit, ) Peoria County, Illinois, Plaintiff-Appellant, ) ) v. ) Appeal No. 3-19-0581 ) Circuit No. 10-L-400 POLYCHEM SERVICES, INC., an Illinois ) Corporation and JOHN HART, Individually, ) ) Honorable Jodi Melinda Hoos, Defendants-Appellees. ) Judge, Presiding.

JUSTICE WRIGHT delivered the judgment of the court. Justice Lytton concurred in the judgment. Justice Holdridge specially concurred.

ORDER

¶1 Held: The trial court erred by excusing defendants-appellees from performing under the promissory note and the guaranty.

¶2 Defendant, Polychem Services, Inc. (defendant-purchaser), its vice president, defendant,

John Hart, and plaintiff Heartland Polymers Realty, Inc. (plaintiff-seller), executed several

agreements related to the sale of a chemical processing plant. Plaintiff-seller filed a lawsuit

against defendant-purchaser and Hart, alleging breaches of the terms of a promissory note and a guaranty. After a bench trial, the trial court entered judgment in favor of defendant-purchaser and

Hart. Plaintiff-seller appeals.

¶3 I. BACKGROUND

¶4 In late 2008, plaintiff-seller agreed to sell a chemical processing plant to defendant-

purchaser. As part of the transaction, plaintiff-seller and defendant-purchaser executed a

promissory note and an agreement regarding the removal and disposal of unusable chemical

materials on the premises. Further, Hart, the vice president of defendant-purchaser, executed a

guaranty to secure defendant-purchaser’s payment of the promissory note. In late 2010, plaintiff-

seller filed a lawsuit in the circuit court of Peoria County, alleging defendant-purchaser and Hart

failed to comply with the terms of the promissory note and the guaranty. Following a bench trial,

the trial court entered judgment in favor of defendant-purchaser and Hart.

¶5 A. The Sale of the Chemical Processing Plant

¶6 On November 4, 2008, Hart, as vice president of defendant-purchaser, executed an

agreement for the purchase of a chemical processing plant (purchase agreement) with plaintiff

seller. Defendant-purchaser agreed to pay $1,350,000 and execute a promissory note in the

amount of $200,000 to pay for the chemical processing plant. Together with the chemical

processing plant, defendant-purchaser agreed to purchase “all the raw materials and usable

chemical located on the premises, being more particularly described on the attached Exhibit

‘C.’ ” (Emphasis added.)

¶7 Defendant-purchaser did “not purchase nor take possession of any unusable chemical or

hazardous substances or waste generated by [plaintiff-seller].” (Emphasis added.) Plaintiff-seller

was to “remain the owner and responsible for *** [the] unusable chemical or hazardous

substances and waste.” The purchase agreement stated, “[t]he terms and conditions [for] the

2 removal and disposal of any such unusable chemical or hazardous substances or waste generated

are contained in the Removal and Disposal Agreement executed contemporaneously with” the

purchase agreement.

¶8 The separate removal and disposal agreement, executed by Hart on behalf of defendant-

purchaser, recognized financing for the sale of the chemical processing plant was contingent on

the removal and disposal of the unusable inventory. 1 The parties agreed it was in their interests

to provide for the removal and disposal of the unusable inventory at the time of the closing.

Therefore, the parties attached, as an exhibit to the removal and disposal agreement, “a Waste

Management Plan *** developed by JAS Environmental, Inc. *** [designating] the methods,

manner and protocol for the removal and disposal of the Unusable Inventory.” After the closing,

plaintiff-seller was required to “engage JAS Environmental, Inc. to perform all of the tasks set

forth in the Waste Management Plan” and to “remain the owner of the Unusable Inventory.”

Defendant-purchaser would, “[a]t no time,” become the owner of the unusable inventory.

¶9 Further, the removal and disposal agreement required that $300,000 be withheld from the

sale proceeds at the closing and placed in plaintiff-seller’s name in escrow at Harris Bank for the

payment of “invoices in connection [with] the work performed by JAS Environmental.” If costs

to remove and dispose of the unusable inventory did not exceed the $300,000 deposited in

escrow, then the remaining funds were required to “be paid to [plaintiff-seller] and *** applied

to the principal due on the *** Promissory Note of $200,000.” If the total cost for the removal

and disposal of the unusable inventory exceeded the amount deposited in escrow, then

defendant-purchaser was required to pay said amounts.

1 A list of unusable inventory was attached as an exhibit to the removal and disposal agreement.

3 ¶ 10 Over one month later, on December 18, 2008, Hart executed the promissory note in the

amount of $200,000, plus 6.5% interest, on behalf of defendant-purchaser. Defendant-purchaser

agreed to pay plaintiff-seller $3,913.23 per month beginning on March 17, 2009, and ending on

March 17, 2014. In the event of a default by defendant-purchaser, the holder of the promissory

note could “declare all unpaid indebtedness *** immediately due and payable.” Defendant-

purchaser would then be obligated to “pay all costs of collection, including a reasonable

attorney’s fee.”

¶ 11 On December 18, 2008, Hart, individually and not as vice president of defendant-

purchaser, executed a guaranty to secure payment of the promissory note. Hart “absolutely,

unconditionally, and irrevocably” guaranteed the following:

“the full and prompt payment of the payments when due and as required

under the terms and conditions of the Promissory Note, whether at stated

maturity, upon acceleration or otherwise, and at all times thereafter, and the

prompt payment of all sums which may now be or may hereafter become due and

owing under the Promissory Note.”

¶ 12 On November 1, 2010, plaintiff-seller sent a notice of default to defendant-purchaser and

Hart, stating defendant-purchaser failed to pay the October 17, 2010, payment on the promissory

note. Plaintiff-seller informed defendant-purchaser and Hart of its intent to declare all unpaid

indebtedness under the promissory note immediately due and payable, unless the default was

cured within 30 days. Also, plaintiff-seller stated it would initiate legal proceedings against

defendant-purchaser and Hart under the purchase agreement, promissory note, and guaranty, if

the default was not cured within 30 days.

4 ¶ 13 B. Plaintiff-Seller’s Lawsuit

¶ 14 On May 17, 2011, plaintiff-seller filed a three-count, first amended complaint against

defendant-purchaser and Hart. Count I alleged a breach of the promissory note by defendant-

purchaser. Plaintiff-seller stated that, despite its November 1, 2010, notice of default of the

promissory note, defendant-purchaser “failed to make the monthly payment due on October 17,

2010.” In addition, plaintiff-seller alleged that defendant-purchaser failed to make the payments

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Bluebook (online)
2021 IL App (3d) 190581-U, Counsel Stack Legal Research, https://law.counselstack.com/opinion/heartland-polymers-realty-inc-v-polychem-services-inc-illappct-2021.