Publications

Section Newsletter Articles on Banks & Financial Institutions

Defendant bank not liable for permitting judgment debtor to transfer over $700,000 from accounts By Paul B. Porvaznik Commercial Banking, Collections, and Bankruptcy, December 2013 Mendez v. Republic Bank, a Seventh Circuit case, examines whether a bank that unfreezes the wrong bank accounts (and allows a judgment debtor to transfer hundreds of thousands of dollars) can be liable to the judgment creditor for violating a citation’s restraining provisions.
Does my security agreement cover future advances? By Carson D. Maricle Commercial Banking, Collections, and Bankruptcy, June 2011 Under Revised Article 9 of the Illinois UCC, collateral may secure future advances, as well as past or present advances, if the security agreement so provides.
Lender’s use of SBA in Illinois By James P. Kelly and Lewis F. Matuszewich Commercial Banking, Collections, and Bankruptcy, June 2011 In the fiscal year ending September 30, 2010, 213 different banks utilized an SBA guaranty on 1,975 loans for a total of $504,968,498.
Swiss banking secrecy By Romeo Juri International and Immigration Law, January 2011 In April 2010, in response to a decision by the Swiss Federal Administrative Court, the Swiss government enabled Swiss authorities to hand over to the IRS the names of 4,450 American bank account holders.
Credit Agreement Act bars evidence of oral promises made by lender By Michael L. Weissman Commercial Banking, Collections, and Bankruptcy, December 2010 A review of General Electric Business Financial Services, Inc. v. Silverman.
You say tomato, I say tomahto: Court holds Illinois Sureties Act applicable to guarantors By Kenneth J. Ashman and Bardia Fard Business and Securities Law, June 2010 The decision in JP Morgan Chase Bank, N.A. v. Earth Foods, Inc. makes available to a guarantor those defenses previously only available to a surety under the Sureties Act, and the decision may have repercussions for similar statutes across the United States.
Fraud Enforcement and Recovery Act of 2009 By Howard Z. Gopman Business and Securities Law, May 2010 A brief summary of the criminal and civil provisions of the Act.
Dissolution of mandatory credit card arbitration clauses signals need for arbitration reform By Sidra Hamidi Alternative Dispute Resolution, February 2010 One of the primary uses of arbitration is seen in the settlement of consumer credit card disputes. However, mandatory arbitration clauses in credit card agreements have continually sparked the ire of both consumers and advocates of consumer rights.
Negotiating Loan Modifications for Clients By Tracie R. Porter and Michael W. van Zalingen Real Estate Law, June 2009 Homeowners need to know options are available when they find themselves having difficulty paying their mortgage. Whether the assistance comes through the lender/servicers or the federal government, homeowners need to know when to stay in the game and keep their homes, and when to count their losses and move out of a bad situation. Attorneys who are equipment with the information to help their clients will find that they can still provide real HOPE for continued home ownership for their clients.