Adoption of UCC revised Article 9 in IllinoisBy Robert T. Bruegge & Stephen OlsonApril 2000The National Conference of Commissioners on Uniform State Laws ("NCCUSL") and the American Law Institute have been working for many years on a rewrite to Article 9 of the Uniform Commercial Code.
Commercial loan not permissible purpose for credit reportBy Sandra M. TraicoffOctober 2000The Federal Trade Commission ("FTC") recently issued a staff interpretative opinion letter that concludes there is no permissible purpose under the Fair Credit Reporting Act ("FCRA") for a business lender to obtain a consumer report on an individual who is a principal, owner or officer of a business loan applicant or who signs a personal guarantee in connection with a business loan
Community Reinvestment ActBy Lewis F. Matuszewich & Benjamin P. ShapiroJuly 2000The Financial Modernization Act ("FMA") was signed into law in November, 1999.
Illinois Supreme Court splits the baby on issue of fraudulent transfer into tenancy by the entiretyBy Joseph P. ChamleyApril 2000The Illinois Supreme Court has decided that pursuant to the Fraudulent Transfer Act (740 ILCS 160/1 et seq (West 1996)), a home transferred to a husband and wife in tenancy by the entirety cannot be sold to satisfy the debt of only one spouse unless the property was transferred "with the sole intent to avoid the payment of debts existing at the time of the transfer.
New powers for Illinois banksBy Sandra M. Traicoff & Tyler D. PetersenMarch 2000Recent legislation at both the state and federal levels has expanded the scope of powers authorized for Illinois banks.
Procedural glitch concerns agricultural lendersBy Joseph P. Chamley & James W. EvansMarch 2000With changes in Article 9 effective January 1, 1998, certain agricultural-related continuation statements (UCC-3's) which were previously required to be filed with the county recorder's office must be filed with the Illinois Secretary of State's UCC Division.
Selected issues in oil and gas bankruptcy casesBy David W. ElmquistAugust 2000Following the downturn in the oil and gas industry and the bankruptcy cases filed in the late 1980's, there have been only a few bankruptcy decisions and statutory amendments to the Bankruptcy Code which have addressed oil and gas issues