ILLINOIS BELL TELEPHONE COMPANY, Plaintiff-Appellant, v. WOLF FURNITURE HOUSE, INC., Defendant-Appellee, 157 Ill. App. 3d 190

Summary

The debtor was having financial difficulties and decided to liquidate. The proceeds from the liquidation were placed into a money market account to cover its outstanding debt. Before its pro rata share was determined, the creditor instituted suit and obtained a judgment against the debtor. The trial court denied the creditor's petition for a turnover of the funds from the money market account to satisfy the judgment. On appeal, the court reversed the judgment, holding that in order for the parties to have created a valid assignment for the benefit of creditors as mandated the debtor, as the assignor, and the assignee, would have had to be parties to a written instrument which set forth the powers of the assignee over the trust res. The court found that the parties failed to make a valid assignment because there was no written instrument containing the required information. The court noted that as there was no such written instrument executed by the necessary parties it was compelled to...