(Zalewski, D-Chicago) amends the Conveyances Act. It provides that the Section concerning the interests of subsequent purchasers without notice is a pure-notice recording statute. Scheduled for hearing on April 10 in House Judiciary Committee.
Plaintiff sought to purchase certain loan documents from Defendant, pursuant to "Non-Recourse Loan Sale Agreement" (LSA). During time when parties intended to close on purchase, Plaintiff paid $400,000 to Defendant as a deposit. Closing never occurred, and Defendant retained the deposit Court properly granted summary judgment for Defendant. Defendant alleged that it was ready, willing, and able to sell loan documents, including promissory notes, to Plaintiff and that it had original documents ready to be turned over to Plaintiff at closing, which is all that was required under LSA. No showing that Defendant was unable to perform its obligations at closing. Plaintiff had no excuse for its failure to close and thus forfeited its deposits under LSA.(McBRIDE and ELLIS, concurring.)
Plaintiffs are Cayman Islands investment funds. Plaintiffs invested in options for share of IFN, a fund that invests in stock of companies in India. CBOE traded IFN options, and OCC cleared and settled the trades. Court denied motion for summary judgment by Defendant CBOE but granted summary judgment for Defendant OCC. Private dissemination is not protected by regulatory immunity. Question of fact as to whether private dissemination occurred. Trial court disregarded appellate court's prior opinion and erred in finding that OCC's conduct was entitled to regulatory immunity. OCC's private and premature disclosures of strike price adjustment were not shielded from suit by regulatory immunity.(BURKE and McBRIDE, concurring.)
Bankruptcy Ct. did not err in confirming debtor’s proposed Chapter 13 repayment plan that required debtor to include prorated version of her annual earned income tax credit as monthly income on her Schedule I, but allowed debtor to offset said tax credit with reasonably necessary expenses to be incurred throughout year on her Schedule J. Tax credits must be included in CMI when calculating debtor’s disposable income, and instant debtor, who qualified for treatment as below-median income debtor, may prorate her annual income tax refund and associated expenses as part of her confirmed plan. Ct. rejected Trustee’s argument that entire income tax refund should be turned over to Trustee to make additional plan payments, and that debtor must then move to modify plan if he or she wanted to retain some or all of tax refund. It also rejected Trustee’s claim that instant approach of confirming plan based on projected tax refund would produce plan that was not accurate or proposed in good faith.
Dist. Ct. did not err in granting defendant-debt collector’s motion for summary judgment in action by plaintiff alleging that defendant violated Fair Debt Collection Practices Act (FDCPA) by failing to contact creditor directly to obtain verification of plaintiff’s debt, after plaintiff had disputed merits of debt. Record showed that after plaintiff had disputed merits of debt, defendant verified that plaintiff’s name, address, and last four digits of her social security number matched debt report it had received from creditor. Moreover, defendant was not required to do more, even though creditor eventually acknowledged that it had assigned wrong account number to plaintiff. Ct. further rejected plaintiff’s claim that section 1692(g) of FDCPA required defendant to contact creditor to confirm whether plaintiff actually owed instant debt.
This case present question as to whether trial court properly denied defendants’ motion to dismiss plaintiff-bank’s action alleging that defendants breached promissory note, where: (1) plaintiff’s predecessor in interest had filed foreclosure action against defendants based on defendants’ alleged default on said note that resulted in voluntary dismissal of said action; (2) plaintiff filed second action for breach of same promissory note that was also voluntarily dismissed; and (3) instant action represented third cause of action that alleged breach of same promissory note, as well as unjust enrichment claim. Appellate Court, in reversing trial court and directing dismissal of plaintiff’s action, found that for purposes of res judicata analysis, same set of operative facts gave rise to instant foreclosure and breach of promissory note causes of action. As such, instant lawsuit constituted impermissible second re-filing of original foreclosure action, and that trial court could not otherwise consider plaintiff’s unjust enrichment claim. In its petition for leave to appeal, plaintiff argued that case law is in flux as to whether documents signed as part of loan transaction all arise out of same group of operative facts.
Plaintiffs filed complaint for breach of contract and fraudulent misrepresentation, based on Defendants' alleged withholding of records that other principal of company had taken. Defendants filed appeal from circuit court's denial of motion to vacate order requiring Defendants to preserve all their books and records. Order is most closely akin to a nonappealable discovery order, which ensures that the case can eventually be tried. Order is not injunctive, and thus cannot be basis for appeal under Rule 307(a)(1). (ZENOFF and JORGENSEN, concurring.)
(Tom Cullerton, D-Villa Park) Amends the Code of Civil Procedure. Provides that a debt collector or collection agency that brings a legal action on a debt against any consumer shall attach specified documentation to the complaint establishing that the plaintiff is the owner of the debt. Provides that if the debt was assigned more than once, each assignment or other writing evidencing transfer of ownership must be attached to establish an unbroken chain of ownership, beginning with the original creditor to the first debt buyer and each subsequent sale. Provides that before entry of a default judgment against a consumer in an action on a debt owned by a debt buyer, the plaintiff shall file with the court specified evidence that establishes the amount and nature of the debt. Requires the Attorney General to compile and file with the General Assembly twice a year a report containing, among other information, the number of and status of actions against debt collection agencies. Requires the Attorney General to attend and conduct specified meetings relating to debt collection practices and conferences of interested and relevant groups and associations. Scheduled for hearing next Tuesday in Senate Judiciary Committee.
(Hastings, D-Tinley Park) amends the Code of Civil Procedure affecting pleadings or other documents verified by certification. Provides that the pleading or other document may be used in the same manner as though sworn under oath without any further requirement that the document be sworn before an authorized person. Scheduled for Senate Judiciary Committee next Tuesday.
(Zalewski, D-Chicago) amends the Conveyances Act. It provides that the Section concerning the interests of subsequent purchasers without notice is a pure-notice recording statute. Introduced and referred to House Rules Committee.