Commercial Banking, Collections, and Bankruptcy

The newsletter of the ISBA’s Commercial Banking, Collections, and Bankruptcy Section

ISBA Members, please login to join this section

2003 Articles

Bill status report (Section Council action as of September 13, 2003) December 2003 Bill Sponsor Short Digest Synopsis Section Council Position Last Activity/ Action or Location/Time HB 16*
Can a bankruptcy court enter a money judgment when it declares a debt nondischargeable? By Jeffrey D. Richardson February 2003 In the September Bankruptcy Reporter advance sheets, a case is reported out of the United States Bankruptcy Court for the Western District of Oklahoma, In re Hamilton, 282 B.R. 22 (W.D. Ok. 2002).
Expansion of section 23 of the Mechanics Lien Act By Sirat K. Attapit May 2003 In an opinion issued by the appellate court of Illinois for the First District, the court determined that over time, the legislature and case law have expanded the scope of section 23 of the Mechanics Lien Act (the Act) to include hauling and excavating as lienable activities.
First District unfortunately creates judicially crafted exception to section 4-406(f) of the UCC By Janice M. Powell February 2003 In Falk v. Northern Trust Co., 327 Ill. App. 3d 101, 763 N.E.2d 280, 261 Ill. Dec. 410 (2001), the First District of the Illinois Appellate Court created an exception to the reporting obligation of bank account customers found in section 4-406(f) of the Uniform Commercial Code (UCC).
Frequently asked questions about the mechanics of filing under RA-9 in Illinois By James W. Evans November 2003 Q. Since RA-9 eliminated the requirement of the Debtor's signature on a UCC-1, how do I establish that my filing was legally authorized?
Frequently asked questions about the mechanics of filing under RA-9 in Illinois By James W. Evans September 2003 Q. Since RA-9 eliminated the requirement of the Debtor's signature on a UCC-1, how do I establish that my filing was legally authorized?
Legal notice for foreclosure sale, public auction of real estate March 2003 At the premises I, Lyle Dirks, having been designated by the Circuit Court of the Fourteenth Judicial Circuit, Whiteside County, Illinois in the case entitled Sterling Federal Bank, F.S.B., a corporation, v. Dennis O. Walrath, Sandra K. Walrath, and Mortgage Electronic Registration Systems, Inc., Case No. 02 CH 7 ST, as sale officer to conduct the sale, will sell the following described property at public auction to the highest qualified bidder.
Mechanics Liens and Lienable Acts By David J. Gerber May 2003 Luise, Inc v. The Village of Skokie, et. al. and Berkeley Trucking v. The Village of Skokie, et. al. are cases that went to the Fifth Division Court of Appeals on a consolidated appeal earlier this year.
Mortgage defense 101 By Harold I. Levine May 2003 Lenders frequently assign or transfer their loans. Sometimes they are securitized. Sometimes the servicer seeks to foreclose.
Notes from the Chair: Writers wanted By Jeffrey D. Richardson November 2003 The Commercial Banking & Bankruptcy Section Council begins this fiscal year with the same challenges that have faced past Section Councils, and a new one.
Notes from the Chair: Writers wanted By Jeffrey D. Richardson September 2003 The Commercial Banking & Bankruptcy Section Council begins this fiscal year with the same challenges that have faced past Section Councils, and a new one.
Response to article pertaining to third-party purchaser at judicial foreclosure sales By Phillip H. Ward, Jr. March 2003 Messrs. Moody and Potter's thorough article on representing a potential third-party purchaser at a foreclosure sale (Real Property Newsletter, October 2001) furnishes an excellent argument for their firm (and many others) to change its sale procedure.
Secured creditor bound—The words used in the collateral description of a security agreement can limit a secured party’s lien By Timothy J. Howard & Janice M. Powell March 2003 A security agreement is a special kind of contract for which an important audience is third parties who need to know how much collateral has been encumbered.
Summary of bills considered by the Commercial Banking & Bankruptcy Law Section Council March 2003    
Update by banking committee By Timothy J. Howard December 2003 This is a forged check case involving the interesting twist of a stolen identity. Nicholas Fredich placed an ad in the Denver Post for a fictitious bookkeeping position.
Update by banking committee By Timothy J. Howard March 2003 Since our last meeting, we report the following matters relating to banking law. This month several of the cases involve contractual interpretation and the proper or improper use of the English language.
Update by banking committee By Timothy J. Howard February 2003 Since our last meeting, we report the following matters relating to banking law.
U.S. Supreme Court rules tax lien effective against half of tenancy by the entirety property By Gary R. Gehlbach February 2003 In a decision decided April 17, 2002, the United States Supreme Court found that a person's interest in real estate as a tenant by the entirety with his wife was no bar to a federal lien against the husband's interest only.
U.S. Supreme Court to review recent bankruptcy decisions By Jeffrey D. Richardson November 2003 The United States Supreme Court has agreed to review three recent bankruptcy appellate decisions of general interest to bankruptcy practitioners, including two decisions of the Seventh Circuit Court of Appeals.
U.S. Supreme Court to review recent bankruptcy decisions By Jeffrey D. Richardson September 2003 The United States Supreme Court has agreed to review three recent bankruptcy appellate decisions of general interest to bankruptcy practitioners, including two decisions of the Seventh Circuit Court of Appeals.
Will bankruptcy wipe out your taxes? Probably not By Charles A. King May 2003 Often people and businesses have financial difficulties which result in the need to file for bankruptcy protection.
Your employee files for bankruptcy—Can you terminate employment? By Michael R. Lied & Tyler D. Petersen May 2003 Your bank operates in a small town, maybe even in a town that is not so small. One of your lending officers files for bankruptcy, and the filing is reported in the newspaper.