Adoption of UCC revised Article 9 in Illinois
The 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 report
The 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
New powers for Illinois banks
Recent legislation at both the state and federal levels has expanded the scope of powers authorized for Illinois banks.
Procedural glitch concerns agricultural lenders
With 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 cases
Following 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