Mortgagees beware: Rents and profits rule
By R. Stephen Scott
Corporate Law Departments,
December 2015
With defaults continuing on commercial property mortgage notes in many sectors of the United States, it is worth reminding mortgagees and loan servicers that the “Rents and Profits Rule” continues in effect in Illinois.
“Good cause”: A phrase in search of a definition
By Michael G. Cortina
Bench and Bar,
July 2014
Until the IMFL is amended to include a definition of “good cause,” mortgagors and mortgagees alike will be saddled with the burden of creating arguments as to why “good cause” exists and leave the decision to the discretion of the trial court judge.
“Good cause”: A phrase in search of a definition
By Michael G. Cortina
Commercial Banking, Collections, and Bankruptcy,
April 2014
Until the IMFL is amended to include a definition of “good cause,” mortgagors and mortgagees alike will be saddled with the burden of creating arguments as to why “good cause” exists and leave the decision to the discretion of the trial court judge.
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