Commercial Banking, Collections, and Bankruptcy

The newsletter of the ISBA’s Commercial Banking, Collections, and Bankruptcy Section

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2009 Articles

2009 Amendments to the Illinois Mortgage Foreclosure Law By Kim M. Casey November 2009 In reaction to the economic downturn of 2008, a record number of bills submitted in the Illinois legislature seeking to amend the mortgage foreclosure procedure. 
Bankruptcy ruling impacts agriculture By James R. Grebe March 2009 On December 2, 2008, the Bankruptcy Court issued an order that provided to the Debtors broad latitude in assuming or rejecting outstanding grain contracts.
Cannot get satisfaction? Try Accord and Satisfaction… By Julia Jensen Smolka August 2009 In these tough times, many clients are coming to the office with checks where either they, or their clients, are attempting to use accord and satisfaction as an inexpensive way to settle disputes.
Commercial real estate foreclosures in Illinois—They’re not always the same By Thomas M. Lombardo November 2009 With the proliferation of real estate foreclosures in these difficult economic times, many experienced practitioners are finding themselves involved in some aspect of foreclosure litigation for the first time. 
Court says broker may simply rely on the face of attachment order By John T. Hundley August 2009 In Hicks v. Midwest Transit, Inc., the court held that a financial institution served with an attachment order was required only to determine that the order was “regular on its face” – and not to explore validity questions which could only be answered from extraneous sources.
Defining the contours of subrogation By Samuel H. Levine August 2009 Subrogation reduces title company premiums which benefit the parties to the transaction. It prevents an unearned windfall. However of most significance in these times, if facilitates refinancing of mortgages in order to prevent foreclosure.
Easing the mortgage foreclosure crisis: A proposed Part 18 to IMFL December 2009 To state the obvious, the number of home foreclosures in Illinois has reached a critical stage. The purpose of this article is to suggest an approach that might ease the situation with respect to some of those foreclosures. 
Easing the mortgage foreclosure crisis: A proposed Part 18 to IMFL By Jeffrey G. Liss November 2009 To state the obvious, the number of home foreclosures in Illinois has reached a critical stage. The purpose of this article is to suggest an approach that might ease the situation with respect to some of those foreclosures. 
Illinois General Assembly amends mortgage foreclosure law By Thomas P. Sandquist January 2009 In an effort to arm homeowners with some extra advantages during the foreclosure process, the Illinois General Assembly has recently enacted changes to the Foreclosure Law designed to assist homeowners who are being foreclosed on.
More on Proposed Part 18 of IMFL By Jeffrey G. Liss November 2009 This note is a follow-up to my article in the March issue of Real Property, “Easing the Mortgage Foreclosure Process: A Proposed Part 18 to IMFL.”
Personal observations of 20 years with the Illinois mortgage foreclosure law By Jack H. Tibbetts March 2009 The author's observations of what occurred in the drafting and implementation of the Illinois Mortgage Foreclosure Act.
Renegotiating debt? Beware of tax traps By Steven W. Swibel August 2009 In a non-bankruptcy, noninsolvency context, debtors and creditors are often surprised that a debt modification that does not appear to reduce principal or the effective interest rate may nevertheless result in adverse tax consequences.
Rural lender advantage By Lewis F. Matuszewich January 2009 The United States Small Business Administration has introduced a modification of one of its loan programs, specifically designed to foster economic development in rural areas.
Trapping Peter to Save Paul: How Marzano creates a jurisdictional trap for defendants By Michael G. Cortina January 2009 A brief review of GMB Financial, Inc. v. Marzano and a discussion of how the court dealt with jurisdictional matters and how unwary defendants may find themselves giving the court jurisdiction, even on void judgments, without even realizing it.
Warning to lessors: You may be a debt collector under the FDCPA By Ryan R. Van Osdol November 2009 Beware! Illinois landlords attempting to collect past-due rent have been defined as “debt collectors” by the Appellate Court of Illinois, Third District.