Non-Illinois stock not categorically exempt from levy or turnoverJanuary 2015Illinois Law Update, Page 16On November 5, 2014, the First District Appellate Court held that the Uniform Commercial Code ("UCC") controls the levy of securities, not the Code of Civil Procedure. Accordingly, levy is governed by the law of the security issuer's jurisdiction, as specified in the UCC.
Bankruptcy and the Series LLC: Can Creditors Pierce the Veil?By John T. Wagener and Kenneth D. PetersMay 2014Article, Page 236The Series LLC gives sweeping liability protection to those who use it. But will it shield an umbrella entity in bankruptcy and under UCC Article 9 from liability incurred by debtor subunits?
Changes to UCC formsDecember 2013Illinois Law Update, Page 612The Illinois Secretary of State recently updated the forms that may be used in UCC filings, and the font and case requirements for preparations of these forms. 14 Ill. Adm. Code 180.12.
The “Buyer’s Option” Contract in IllinoisBy John J. D’AttomoAugust 2008Article, Page 418Recent opinions have recognized a buyer's-option contract that obligates sellers to sell without also requiring buyers to buy.
Winning the Battle of the FormsBy William J. Ryan and John B. ThorntonJuly 2008Article, Page 364Many contracts are formed by the exchange of price quotes, purchase orders, and invoices, which often contain conflicting terms. This article reviews typical "battle of the forms" issues.
UCC filing rules amended. PA 095-0446June 2008Illinois Law Update, Page 284Section 9-516 of the Illinois Uniform Commercial Code has been amended. 810 ILCS 5/9-516. This section, entitled "What constitutes filing; effectiveness of filing," has been changed to add three new subsections to 9-516(b) concerning what documents may be refused or do not constitute the filing of a financing statement.
Lack of notice of disposition of collateral does not necessarily bar deficiency actionSeptember 2007Illinois Law Update, Page 460On June 29, 2007, the Illinois Appellate Court, First District, remanded the order of the Circuit Court of Cook County awarding judgment in favor of Lula Stoval due to the circuit court's error in applying an absolute bar to General Motors Acceptance Corporation's (GMAC) deficiency judgment against Stoval.
Otherwise invalid disclaimer may be made valid by parties’ “course of dealing”December 2006Illinois Law Update, Page 650On October 6, 2006, the Illinois Appellate Court, Third District, affirmed the decision of the Circuit Court of Will County, held that implied warranties had been disclaimed throughout the course of dealings between a window manufacturer and one of its parts suppliers, and granted the defendant parts supplier's motion to dismiss.
“Best Efforts” Promises Under Illinois LawBy James M. Van Vliet, Jr.December 2000Article, Page 698Under Illinois law, "best efforts" promises apparently are not binding when the parties have failed to specify a level of performance. The author discusses the implications.