Confession of judgment clause valid in note with variable interest rate
On August 26, the First District Appellate Court issued an opinion in Cole v. Davis, concluding that a confession of judgment clause with a fixed principal amount due and a variable interest rate is not legally insufficient under Illinois case law interpreting the statutory right to confess judgment.
Medical marijuana attorneys can breathe easier when advising clients
As a result of the recent decision in U.S. v. McIntosh, attorneys advising medical marijuana businesses can now breathe a sigh of relief. The convoluted and conflicting field of state and federal statutes and case law just had a very large wrinkle ironed out.
Mortgagees beware: Rents and profits rule
With defaults continuing on commercial property mortgage notes in many sectors of the United States, it is worth reminding mortgagees and loan servicers that the “Rents and Profits Rule” (the “Rule”) continues in effect in Illinois.
When defense is offense: Burdens of proof in mortgage foreclosure trials
Despite the scant amount of published decisions on the topic, the only Illinois decisions pertaining to the proof required in mortgage foreclosure cases state that the mortgagee merely needs to offer the note and mortgage into evidence in order to prove its prima facie case.
You cannot go bankrupt selling marijuana!
Marijuana is an asset that cannot be administered for the benefit of creditors. Administering the marijuana assets is a criminal violation of federal law.