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2014 Articles

Banks facing greater liability under expansions of both 9(g)(3) and 9(g)(4) of the Condominium Property Act By Stephen J. Butler October 2014 A discussion of both the recent amendatory veto to Senate Bill 2664, and the holding in 1010 Lake Shore Association v. Deutsche Bank National Trust Company.
Can lenders collect rents without possession? Recent First District opinion calls well-settled answer “no” into question By Thomas M. Lombardo October 2014 One of the first things someone learns when they get involved in commercial real estate foreclosures is that a lender cannot enforce an assignment of rents unless it first obtains some form of “possession.” The First District, perhaps unintentionally, called this well-settled possession requirement into question on July 23, 2014 with its decision in Urban Partnership Bank v. Winchester-Wolcott, LLC, et al.
Claims against members of a dissolved LLC By Paul Osborn January 2014 Some states provide for express liability of members after an LLC is dissolved when creditors are unpaid. Illinois is not one.
Collection counsel: Don’t celebrate too soon (The citation set-off and priority rules) By Paul B. Porvaznik January 2014 Creditor’s counsel should be leery of Section 12-708’s set-off provision and the caselaw’s expansive application of a third-party’s set-off rights.
Commercial Banking, Collections and Bankruptcy Section Co-Sponsors CLE on construction contracts October 2014 Save the date for this informative upcoming program!
The demons of consent foreclosures: What every bank should know By Amber L. Michlig April 2014 An examination of the process of consent foreclosures and the roadblocks and warnings that an Illinois bank client should be familiar with when considering a consent foreclosure in order to fully protect their interests.
Discovery rule saves plaintiffs’ fraud claims against investment firm (IL – 2d Dist) By Paul B. Porvaznik January 2014 Rasgaitis v. Waterstone Financial Group, Inc. has real value because of its thorough discussion of agency law.
Does ‘Self-Serving’ Evidence Dictate Summary Judgment Defeat? (Ill. Northern District) By Paul B. Porvaznik January 2014 Kuvedina LLC v. Pai is worth reading for many reasons, one being its discussion of Federal court ”abstention doctrine.”
“Good cause”: A phrase in search of a definition By Michael G. Cortina April 2014 Until the IMFL is amended to include a definition of “good cause,” mortgagors and mortgagees alike will be saddled with the burden of creating arguments as to why “good cause” exists and leave the decision to the discretion of the trial court judge.
Illinois Mortgage Foreclosure Law amended to allow for a strict foreclosure of an omitted subordinate interest By Adam J. Wilde December 2014 Under the new section of the IMFL, if a subordinate lien is omitted from a foreclosure, the holder of the superior lien (the loan that was actually foreclosed) may file a strict foreclosure action against that omitted lien.
Law firm’s negligence suit against bank defeated by account agreement and UCC Article 4 (IL Law) By Paul B. Porvaznik April 2014 In July 2013, the Third District appeals court affirmed dismissal of a law firm’s negligence suit against a bank that charged back the firm’s account after a $350,000 check deposited by the firm turned out to be counterfeit.
Lying in the weed—Receiverships and marijuana grow centers and dispensaries By Samuel H. Levine October 2014 This article explores practical considerations for receivers when dealing with dispensaries.
Marzano is overruled, and there was much rejoicing By Michael G. Cortina April 2014 This article briefly reviews the decision of BAC Home Loans Servicing, LP, f/k/a Countrywide Home Loans Servicing, LP v. Mitchell and how it overruled Marzano and held that a party’s waiver of personal jurisdiction is prospective only and does not retroactively validate void orders entered by the circuit court without personal jurisdiction.
Northern District expansively construes Consumer Fraud Act to cover B-2-B setting in health insurance contract dispute By Paul B. Porvaznik January 2014 In GoHealth, LLC v. Zoom Health, Inc., the Northern District provides a detailed summary of the necessary Illinois pleading elements of some signature business torts in a diversity contract dispute involving the sale of insurance products.