Bankruptcy ruling impacts agriculture
On December 2, 2008, the Bankruptcy Court issued an order that provided to the Debtors broad latitude in assuming or rejecting outstanding grain contracts.
Court says broker may simply rely on the face of attachment order
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
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.
Illinois General Assembly amends mortgage foreclosure law
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
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.”
Renegotiating debt? Beware of tax traps
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
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.