Appellate court protects guarantor in dispute over collateral proceedsBy Jeffrey D. CavanaughNovember 2001In an opinion issued in September, an Illinois appellate court concluded that a bank breached its obligation to a guarantor when the bank used proceeds from the sale of collateral to pay off an unsecured loan that was not covered by the guaranty.
Bank counsel and the Bank Secrecy ActBy Bradley W. SmallJanuary 2001As president of a national bank and an attorney, I recently received a phone call from the Office of the Comptroller of the Currency (OCC) concerning my bank's compliance with the Bank Secrecy Act (BSA).
Brush up your Latin—“nemo dat qui non habet”By Janice M. PowellJuly 2001The Tenth Circuit Court of Appeals has just reminded practitioners that we remain a country of common law and that includes long cherished principles expressed in Latin.
Collecting on judgments is not for the feeble at heartBy Maureseta T. HawkinsJuly 2001After ten years of chasing behind a debtor, a former estate attorney, to collect on judgments which were awarded based on his misappropriation of estate assets, relief was finally awarded by the Illinois Appellate Court after this debtor managed to evade and wear out the original creditors who subsequently sold the judgments to the plaintiff in this case.
Foreclosure defensesBy James E. BuchmillerJuly 2001Sometimes there is an inclination to assume that if the basic note and mortgage are properly executed that there is no real defense to a real estate foreclosure.
Illinois Supreme Court overturns decision against mortgage lenderBy Jeffrey D. CavanaughNovember 2001In Voyles v. Sandia Mortgage Corporation (2nd District; 1999), an Illinois appellate court ruled that a mortgage company ("Lender") could be held liable for refusing to accept mortgage payments when the amount of those payments was in dispute and for subsequently reporting negative credit information as a result of the Lender's refusal to accept the tendered payments.
Predatory lending—a perspective for the mortgage attorneyBy Celeste M. HammondNovember 2001Predatory lending practices are getting a tremendous amount of attention: in the press, in the title industry; in the mortgage banker industry; in the consumer industry; in Congress, state and local governments.
SBA reauthorization and budget for FY 2001By Lewis F. MatuszewichApril 2001New legislation signed into law just before year-end provides a near-historic level of funding support for U.S. Small Business Administration (SBA) programs, and authorizes a New Markets Venture Capital program to invest in small businesses in low-income areas.