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2010 Articles

The answer is in the minutes By Michael G. Cortina December 2010 An explanation of the differences between a deed in lieu of foreclosure and a consent foreclosure, and why one is not always better than the other.
Boys, be careful what you promise By Mike Reed June 2010 Illinois unequivocally recognized the use of promissory estoppel as a cause of action in the Illinois Supreme Court case of Newton Tractor Sales, Inc. v. Kubota Tractor Corporation.
Courts should avoid making sausage out of an LLC member’s interest during collection proceedings By Jonathan Linnemeyer June 2010 Two cases-- with very different outcomes-- have challenged the issue of whether a creditor can foreclose a judgment lien on an interest in an Illinois limited liability company.
Credit Agreement Act bars evidence of oral promises made by lender By Michael L. Weissman December 2010 A review of General Electric Business Financial Services, Inc. v. Silverman.
Environmental cleanup claims survive bankruptcy: US v. Apex Oil Co., Inc. By Raymond T. Reott & Becky J. Schanz March 2010 Courts have issued conflicting opinions on whether claims for injunctions ordering the cleanup of environmental contamination are discharged in a bankruptcy proceeding.
In re Kucharz: Unemployment compensation included in a debtor’s “current monthly income” calculation although it is a “surprisingly difficult question” By Brent Wilson March 2010 Should unemployment compensation be included in the "current monthly income" calculation? With the decision in In re Kucharz, Illinois Bankruptcy Courts are now evenly split on the issue with two courts ruling yes, two ruling no.
Letter to the Editor By Bob Markoff June 2010 A call for "attorney pride."
On the non-waivability of reinstatement under IMFL By Jeffrey G. Liss March 2010 Can reinstatement be waived under certain circumstances?
This is the ordinary course of business? Defenses to a preference action under 547(c)(2) By Lawrence O. Taliana March 2010 A review of the basic cases related to arguing an “ordinary business terms” defense under 547(c)(2)(B) of the BAPCPA.
The use of receiverships for managing troubled assets By Samuel H. Levine December 2010 Receiverships are something that all lenders should consider in managing distressed real estate. Lenders should also consider creative ways for receivers to manage distressed assets to meet the needs of a particular asset.