Hundsman v. State Farm Bank, F.S.B.

2023 IL App (4th) 220600-U
CourtAppellate Court of Illinois
DecidedApril 25, 2023
Docket4-22-0600
StatusUnpublished

This text of 2023 IL App (4th) 220600-U (Hundsman v. State Farm Bank, F.S.B.) 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
Hundsman v. State Farm Bank, F.S.B., 2023 IL App (4th) 220600-U (Ill. Ct. App. 2023).

Opinion

NOTICE 2023 IL App (4th) 220600-U This Order was filed under FILED Supreme Court Rule 23 and is NO. 4-22-0600 April 25, 2023 Carla Bender not precedent except in the IN THE APPELLATE COURT 4th District Appellate limited circumstances allowed Court, IL under Rule 23(e)(1). OF ILLINOIS

FOURTH DISTRICT

LAURENCE F. HUNDMAN, ) Appeal from the Plaintiff-Appellant, ) Circuit Court of v. ) McLean County STATE FARM BANK, F.S.B., and STATE FARM ) No. 21L107 MUTUAL AUTOMOBILE INSURANCE COMPANY, ) Defendants-Appellees. ) Honorable ) Rebecca S. Foley, ) Judge Presiding.

JUSTICE STEIGMANN delivered the judgment of the court. Justices Turner and Doherty concurred in the judgment.

ORDER ¶1 Held: The appellate court affirmed the trial court’s dismissal with prejudice of plaintiff’s complaint for failure to state a claim for breach of contract.

¶2 In August 2021, plaintiff, Laurence F. Hundman, filed a complaint for breach of

contract against defendants, State Farm Bank, F.S.B., and State Farm Mutual Automobile

Insurance Company (collectively, State Farm), alleging State Farm failed to obtain Hundman’s

consent to modifications of various loan documents, which resulted in Hundman’s losing

property he mortgaged to secure those loans.

¶3 In October 2021, State Farm filed a motion to dismiss the complaint, arguing that

Hundman did not have any contractual rights he could enforce against State Farm. In March

2022, the trial court granted State Farm’s motion and dismissed the complaint with prejudice.

¶4 In April 2022, Hundman filed a motion to reconsider and included in that motion

a request to file an amended complaint. In the proposed amended complaint, which was attached to the motion to reconsider, Hundman added significant detail to the allegations, explaining the

breach and surrounding circumstances. In June 2022, the trial court denied the motion to

reconsider and did not grant leave to amend.

¶5 Hundman appeals, arguing the trial court erred by (1) dismissing his complaint for

failure to state a claim and (2) denying him leave to file an amended complaint. We disagree and

affirm.

¶6 I. BACKGROUND

¶7 This case involves a series of commercial loans and the security provided for

those loans. We note that the case is complicated by the multitude of actors and companies

involved in the loans and their repayment. We attempt to simplify the information as much as

possible for ease of understanding.

¶8 A. The Complaint

¶9 In August 2021, Hundman filed a single-count complaint against State Farm

alleging breach of contract. Specifically, Hundman alleged that State Farm breached the terms of

a “pre-negotiation agreement” pertaining to various loans entered into between State Farm and

Hundman’s former company. We note that the following material, including the quoted material,

comes from allegations in the complaint.

¶ 10 1. The Loan Agreements

¶ 11 In March 2008, Hundman was the manager of CIP, LLC (CIP), a limited liability

company engaged in real estate development in Bloomington, Illinois. CIP was owned by

Hundman, Richard Owen, David Stark, and several others. Prior to 2008, the owners of CIP had

executed unlimited commercial guaranties in favor of State Farm to guarantee payment of any

and all loans between State Farm and CIP.

-2- ¶ 12 In March 2008, State Farm entered into multiple loan agreements with CIP. Those

loans were secured by mortgages on various tracts of real property, some owned by CIP, and

others owned by the managers or owners of CIP. Relevant here, in March 2008, CIP executed a

promissory note in favor of State Farm in the amount of $1.15 million (hereinafter referred to as

the Loan). As part of the security for that Loan, CIP mortgaged certain real estate located on

Ekstam Drive in Bloomington (the Ekstam mortgage), and Hundman mortgaged certain real

estate he owned individually located on Westport Court, Bloomington (the Westport mortgage).

We note that other property was mortgaged to secure the Loan and the Ekstam properties were

earlier mortgaged to secure a separate loan with State Farm. The note had a maturity date of

March 2010.

¶ 13 In the years following the March 2008 loans, “the close business relationship

between [Hundman] and a number of the other [CIP owners], including Mr. Stark, deteriorated.”

The complaint alleged that Stark informed others that Stark “intended to pursue[ ] litigation

against Mr. Hundman and his family for the rest of Mr. Hundman’s life.” On March 1, 2010,

Hundman entered into a settlement agreement with CIP and its owners “in an effort to sever his

ties with Mr. Stark.” In exchange for a release of any future obligations to provide capital to CIP,

Hundman “transferred his interest in CIP, and in numerous other entities worth millions of

dollars, to various of the [CIP owners].”

¶ 14 2. The Pre-Negotiation Agreement

¶ 15 In March, June, and September 2010, CIP and State Farm entered into extension

agreements, extending the maturity date of the Loan, which CIP was unable to pay, to November

1, 2010. The complaint then alleged that later in September 2010, after the last extension

agreement, “CIP assigned the Ekstam Properties *** to Nokestraw, LLC (‘Nokestraw’), an

-3- Illinois limited liability company of which Mr. Stark and Mr. Owen (two of the [CIP owners]

and Guarantors) were the principal owners.” Pursuant to the assignment, Nokestraw assumed

CIP’s liabilities for the loans to State Farm that were secured by the Ekstam mortgages. The

complaint alleged that this assignment violated the terms of the Loan and “generated animosity

with the officers at [State Farm] overseeing that loan.”

¶ 16 In January 2011, CIP requested State Farm to enter into negotiations “exclusively

with Mr. Stark and Mr. Owen, and their attorneys, *** to explore a resolution of CIP’s (and

Nokestraw’s) liability to [State Farm].” The complaint alleged that the negotiations were sought

because (1) CIP faced a multimillion-dollar liability to State Farm under the defaulted Loan,

(2) CIP’s members, other than Hundman, faced enormous capital calls to satisfy the Loan, and

(3) Nokestraw also faced a multimillion-dollar liability to State Farm.

¶ 17 State Farm “preliminarily agreed to CIP’s request, provided that, because such an

agreement ([what would become the ‘Pre-Negotiation Agreement’ or PNA]) would jeopardize

the enforceability of the Guaranties and the Accommodation Mortgages,” the guarantors and

grantors were included as parties to the PNA. “In consideration for the Guarantors and Grantors,

including Mr. Hundman, consenting to the [PNA], [State Farm] agreed that the [PNA] would

prohibit [State Farm] *** from entering into any resolution of the *** Loan without the written

approval of the Guarantors and Accommodation Mortgag[ors].” (Emphasis in original.)

Hundman “agreed to become a party to the [PNA] because of the effective veto power [State

Farm] was offering him under the agreement.”

¶ 18 In January 2011, State Farm, CIP, Hundman, and the other guarantors executed

the PNA. Hundman attached a copy of the PNA to his complaint, the relevant provisions of

which provided as follows:

-4- “This Pre-Negotiation Agreement (the ‘Agreement’) is entered into as of

the 24th day of January, 2011 by and between State Farm Bank, F.S.B. (‘State

Farm’) and CIP, LLC (individually, the ‘Borrower’ and collectively with State

Farm, the ‘Parties’”).

***

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