2008 Articles

Bank directors on the hot seat By Kenneth Dobbs October 2008 The last 15 years have been smooth sailing for banks and their directors. Borrowers paid loans, earnings remained strong, and bank failures were almost non-existent. Recently, however, matters became choppy as borrowers defaulted, earnings plummeted, and a few banks began to fail.
Does size matter? Homestead and Tenancy by the entirety By Richard F. Bales March 2008 An update to the author's original article that appeared in the February 2005 issue of Real Property.
“I know something you don’t know”—What duty does a creditor’s attorney have when the attorney thinks the debtor is lying to the bankruptcy court? By Lawrence O. Taliana August 2008 Most attorneys know that putting a client on the stand who plans to lie (just like murder or relating the depictions or accounts of a major league baseball game without the express written consent of the commissioner) is a bad thing.
IMFL: Attempted private sales after foreclosure sales By Jeffrey G. Liss April 2008 In the First District of the Illinois Appellate Court, different Divisions have apparently found themselves at odds on a significant issue involving the Illinois Mortgage Foreclosure Law (IMFL), 735 ILCS 5/15-1101 et seq.
Insurance coverage for bankruptcy claims By Raymond T. Reott & Becky J. Schanz April 2008 When a company is in bankruptcy, the rules for pursuing environmental claims often drive governmental agencies and other parties to assert claims against the bankrupt entity.
Private sales after mortgage foreclosure sales—An update By Jeffrey G. Liss August 2008 The Illinois Supreme Court appears to have resolved a conflict between appellate districts as to the permissibility of private foreclosure sales consummated after a mortgage foreclosure sale but before confirmation of that sale.
Public Act 095-0691: A mortgage crises remedy? By Kenneth E. Davies October 2008 With the economy in the throws of an economic downturn due in large part to the high foreclosure rates and crunch on credit, many governments are scrambling to try to get ahead of these economic issues.
Public Act 95-0661: Amendments to Illinois Code of Civil Procedure relating to enforcement of judgments By Bob Markoff March 2008 The Illinois legislature recently passed and then overrode the Governor’s amendatory veto of Senate Bill 229 which is now known as Public Act 95-0661.
Residential contractors (and subcontractors) BEWARE! The Home Remodeling and Repair Act prevents mechanic’s liens on a residence when there is an oral contract for work that exceeds $1,000 By Adam B. Whiteman August 2008 In January of 2000, a law went into effect which makes it unlawful for any person engaged in the business of home repairs and remodeling to remodel or make repairs or charge for remodeling or repair work over $1,000 without first obtaining a signed contract or work order.