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

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Newsletter articles from 2006

Administration of program for MCLE being put in place By Hon. Michael J. Chmiel May 2006 On September 29, 2005, the Supreme Court of Illinois (the “Supreme Court”) ordered Minimum Continuing Legal Education (“MCLE”) under Supreme Court Rules 790 through 798.
Bankruptcy may sound death knell for subsequent civil action By Michael J. Marovich November 2006 A potential client comes to your office to discuss a possible new civil case that he seeks representation on.
Bill status report: Section Council Action as of 09/22/06 October 2006 Section Council Legislative Committee (“SCLC”): Stephen Olson, Chair]
Chapter 9 Bankruptcy in Illinois: The obvious now has precedent By Michael G. Cortina March 2006 Since the Bankruptcy Reform Act of 1994, there has been little question as to the lack of eligibility of municipalities in Illinois for relief under Chapter 9 of the United States Bankruptcy Code.
Conference Series: An informed discussion of financial access for immigrants—Part II By Steven W. Kuehl September 2006 The first part of this series appeared in the prior issue of Commercial, Banking & Bankruptcy Law, and this material will be concluded in the next issue of the newsletter.
Conference Series: An informed discussion of financial access for immigrants—Part 1 By Steven W. Kuehl August 2006 During the past two years, the Consumer and Community Affairs (CCA) division of the Federal Reserve Bank of Chicago held a series of conferences focused on increasing access to financial services for immigrants.
Correction: Enforceability of Illinois judgments By Bob Markoff May 2006 In our Section Council’s newsletter of September 2004, (Vol. 49, No.1), I wrote an article entitled Revival of Judgment Revived.
Deferred compensation plans: How the new bankruptcy law affects them and an update on IRC Section 409A By Donna F. Hartl March 2006 As most people are aware, a new bankruptcy law goes into effect after October 17, 2005.
Enforceability and perfection of mechanics liens in bankruptcy By Samuel H. Levine October 2006 The Mechanics Lien Act (the “Act”) is a very technical act. It is technical in nature both as to the enforcement and perfection of claims for mechanics liens.
Federal court denies protection in bankruptcy for inherited IRA By Robert S. Held and Vasili D. Russis November 2006 A bankruptcy court, applying Illinois law, held that a debtor’s interest in an inherited IRA was not exempt from the claims of the debtor’s creditors.
Federal Grand Jury subpoenas: Forcing banks to work for free By Michael G. Cortina August 2006 From time to time, banks will be served with a subpoena to produce documents for a federal grand jury investigation.
Lis pendens notices By Bradley W. Small October 2006 When it comes to parties with competing interests in real estate, the lis pendens notice plays an integral part in establishing priority of such interests.
New bankruptcy law changes for nonresidential landlords and tenants By Jack H. Tibbetts September 2006 The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 became effective October 17, 2005.
Right of redemption or not, junior mortgagee has right to file separate foreclosure action By Mark C. Palmer September 2006 The Appellate Court of Illinois 3d District recently reversed and remanded a Marshall Co. Circuit Court’s ruling that required a junior mortgagee to redeem the senior mortgage prior to foreclosing its mortgage. React Financial v. Long, --- N.E.2d ----, 2006 WL 1476263 (Ill.App. 3d Dist., 2006).
View from the Chair By Timothy J. Howard May 2006 During the past 10 months, your Section has been very active.
Who says bankruptcy isn’t interesting? By Terry Sharp May 2006 If you are an insolvency lawyer interested in bankruptcy, debtors’ rights, and creditors’ remedies, the recent Supreme Court decision Central Virginia Community College v. Katz, 126 S.Ct. 990 (2006), is a “must read.”