Commercial Property Insurance Policy Did Not Cover Ordered Demolition of Condominium Building
By Paul Peterson
Real Estate Law,
February 2024
A summary and analysis of Horizon West Condominium Homes Ass'n v. Travelers Indemnity Co. of Connecticut, in which the U.S. Court of Appeals for the Seventh Circuit affirmed the dismissal of the association's suit against its insurer after the condo building was ordered to be evacuated and demolished at the expense of the association.
New Fannie Mae Condominium Requirements
By Paul Peterson
Real Estate Law,
November 2021
Effective January 1, 2022 for all loans secured by units in condominiums and co-op projects with five or more attached units, regardless of the type of project review or review waiver, Fannie Mae has made new requirements of appraisers and lenders.
The effect of an order declaring heirship
By Paul Peterson
Trusts and Estates,
January 2019
The Cook County Recorder of Deeds indicated on November 5 that it is not going to record heirship deeds or affidavits of heirship unless they are accompanied by an order declaring heirship. This article focuses on the effects of this procedure.
The effect of an order declaring heirship
By Paul Peterson
Real Estate Law,
November 2018
The Cook County Recorder of Deeds indicated on November 5 that it is not going to record heirship deeds or affidavits of heirship unless they are accompanied by an order declaring heirship. This article focuses on the effects of this procedure.
Presumptively Void Transfers to caregivers – A bit of mercy please?
By Paul Peterson
Trusts and Estates,
October 2018
Caregivers are a necessary and desired part of our society. Yet some caregivers are guilty of fraud, duress, or undue influence. This article reflects on the issue and how the Presumptively Void Transfers Article of the Illinois Probate Act can be amended.
Presumptively Void Transfers to caregivers – A bit of mercy please?
By Paul Peterson
Real Estate Law,
January 2018
Compared to the existing financial elder abuse sections in the Probate Act, the Transfer Article has the assumption of guilty until proven innocent, more stringent burdens of proof, stricter punishments and no possibility of judicial leniency. This article asks that the burden of proof be amended, that judges be allowed to void just the transfer to the caregiver where appropriate and be given the same discretion to mitigate the loss of the entire transfer as is given in the other sections dealing with financial elder abuse in the Probate Act.
231 W. Scott - What is an attorney supposed to do?
By Paul Peterson
Construction Law,
December 2017
The nightmare that is 231 W. Scott points out several areas that an owner and the owner's attorney should focus on when entering into a construction project.
North Shore Bank and the ever-changing work completion dates
By Paul Peterson
Real Estate Law,
June 2015
In this case the First District Appellate Court was confronted with two mechanics lien claims where neither claimant could prove they did work on the work completion date sworn to in their respective mechanics lien claims and reaffirmed under oath in various court filings.
North Shore Bank and the ever-changing work completion dates
By Paul Peterson
Commercial Banking, Collections, and Bankruptcy,
June 2015
In this case the First District Appellate Court was confronted with two mechanics lien claims where neither claimant could prove they did work on the work completion date sworn to in their respective mechanics lien claims and reaffirmed under oath in various court filings.
North Shore Bank and the ever-changing work completion dates
By Paul Peterson
Construction Law,
February 2015
In this case the First District Appellate Court was confronted with two mechanics lien claims where neither claimant could prove they did work on the work completion date sworn to in their respective mechanics lien claims and reaffirmed under oath in various court filings.
To bond or not to bond: Why is there a Question?
By Paul Peterson
Construction Law,
October 2013
House Bill 2804, which will be reintroduced in the fall, will allow Illinois to join 48 other states that allow interested parties to post a statutory bond to substitute for real estate as security for paying a mechanics lien claim.
Cypress Creek decision legislatively reversed
By Paul Peterson
Commercial Banking, Collections, and Bankruptcy,
July 2013
When all is said and done, it is likely that after PA 97-1165 (signed February 11th of this year), construction lenders will be more cautious in their construction lending and will charge an increased interest rate to cover the increased risk of additional mechanics lien losses in Illinois.
Cypress Creek decision legislatively reversed
By Paul Peterson
Construction Law,
May 2013
The practical effect of PA 97-1165 is that lien claimants will be paid their contract amount on most completed jobs whether or not they have priority over the construction lender.
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