Enforceability of loan documents executed by a dissolved corporationBy Karen A. WhiteCommercial Banking, Collections, and Bankruptcy, January 1999While certainly many, if not all, lenders have set procedures to follow when lending money to a corporation which includes obtaining a Certificate of Good Standing, what happens if the procedure is not followed and a loan is given to a dissolved corporation?
Estate and gift tax updateBy Alfred SandersFederal Taxation, June 1999In the past when multiple interests in the same asset have been included in a decedent's gross estate the multiple interests have been aggregated in order to determine their value.
Estate planning for retirement benefits (with Resource List)By Robert H. LouisGeneral Practice, Solo, and Small Firm, January 1999In the 20-plus years since the enactment of the Employee Retirement Income Security Act, 29 U.S.C. §1001 et seq. ("ERISA"), the level of assets in pension and profit-sharing plans and individual retirement accounts has risen steadily.
Estate tax malpractice—PART IBy Robert Feinschreiber & Margaret KenTrusts and Estates, October 1999Executors are increasingly willing to pursue malpractice claims against estate tax professionals, as witnessed by two recent cases, Stevenson v. Severs, 82 AFTR2d. Par. 98-6912 (D.C. 1998), and Johnson v. Sandler, Balkin, Hellman & Weinstein, 958 S.W.2d 42 (Mo.App.1998).
Estate tax malpractice—PART IIBy Robert Feinschreiber & Margaret KentTrusts and Estates, November 1999The diversity of malpractice claims includes loss of the marital deduction, loss of the alternative valuation option, loss of "less than fair value" valuation, failure of life insurance trusts, inadequacy of disclaimers, late payments, erroneous tax returns, inheritance tax returns, misapplied Clifford trusts, misuse of QTIP trusts, erroneous fiduciary income tax returns, and the like.
Ex-Im bank: Access to trade financeBy Paul DubrinCommercial Banking, Collections, and Bankruptcy, October 1999Exporting is a fundamental part of doing business for growing numbers of U.S. companies.
Ex-Im bank: Access to trade financeBy Paul DurbinInternational and Immigration Law, September 1999Exporting is a fundamental part of doing business for growing numbers of US companies.
Excerpts of minutes of section council meetingsState and Local Taxation, February 1999The new officers of the section council were introduced. The new officers were: Sean Fitzgerald (chairman), Joanne Elliott (vice chairman), and Stanley Kaminski (secretary).
Excess insurance: in generalInsurance Law, October 1999Alan Little sustained fatal injuries while at work at an iron-making facility in Granite City, Illinois when he was run over by a dump truck owned and operated by St. Louis Slag Products Company.
Exclusions: automobile businessInsurance Law, January 1999Automobile business exclusion precluded coverage under car wash customer's automobile policy for accident caused by employee of car wash.
Exclusions: business activitiesInsurance Law, June 1999Day care service provided by insured to friend's children held to be excluded "business activity" under renter's liability policy.
Exclusions: employeeInsurance Law, October 1999Uncompensated friend of insured not employee for purposes of employee injury exclusion.
Exclusions: employeeInsurance Law, January 1999Employee exclusion did not preclude coverage for claim against son of employee of the named insured.
Exclusions: family memberInsurance Law, March 1999Partial abrogation of parent-child immunity does not invalidate household exclusion in automobile policy.
Exclusions: named insured’s workInsurance Law, June 1999Coverage excluded under CGL policy for property damage to swimming pool arising out of insured's painting and maintenance work on pool.
Exclusions: sexual assaultInsurance Law, March 1999Insurer had no duty to defend or indemnify where allegations of complaint unambiguously established that insured participated in the physical abuse of a minor.
Family law bytesFamily Law, May 1999Also online are public acts and bills: http://www.legis.state.il.us/publicacts/publicacts.html and http://www.legis.state.il.us/legisnet/legismain.html
Family law bytesBy David N. SchafferFamily Law, March 1999The following is a list of some helpful Web sites prepared for us by David Schaffer.
Family law updateBy John H. MavilleGeneral Practice, Solo, and Small Firm, November 1999In IRMO Mathias, 304 Ill.App.3d 326, 237 Ill.Dec.525, 709 N.E.2d 994, we are reminded that §510(a) limits retroactive modification of child support to only those installments accruing after the date of filing of the petition for modification.
Family Law UpdateBy John H. MavilleGeneral Practice, Solo, and Small Firm, March 1999Effective June 30, 1998, Public Act 90-608 amended several sections of the Children and Family Services Act, the Juvenile Court Act of 1987, and other provisions.
Family law updateBy John H. MavilleGeneral Practice, Solo, and Small Firm, February 1999IMDMA § 503 has been amended, effective 7/1/99, by adding paragraph (2) to subsection (f) to provide that all pension benefits (including those under the Illinois Pension Code) acquired by either spouse after the marriage and before dissolution are presumed to be marital property. (P.A. 90-731)
Fast track at last for LLCs and LPs in IllinoisBy Robert J. Wilson, Jr.Business and Securities Law, June 1999Practitioners engaged in representing limited liability companies and limited partnerships in Illinois will welcome two recently adopted amendments the Illinois Limited Liability Company Act, as amended (the "LLC Act") and the Revised Uniform Limited Partnership Act of 1986, as amended of the state of Illinois ("RULPA").
Federal income taxes in bankruptcyBy John B. TruskowskiCommercial Banking, Collections, and Bankruptcy, February 1999How federal income taxes are handled in bankruptcy is unclear to most practitioners, including those concentrating in taxation, who do not practice in the bankruptcy area