North Shore Bank and the ever-changing work completion datesBy Paul PetersonCommercial Banking, Collections, and Bankruptcy, June 2015In 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 datesBy Paul PetersonConstruction Law, February 2015In 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 PetersonConstruction Law, October 2013House 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 reversedBy Paul PetersonCommercial Banking, Collections, and Bankruptcy, July 2013When 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 reversedBy Paul PetersonConstruction Law, May 2013The 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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