Prompt payment by bank of postforeclosure sale assessments, several months after purchasing a condominium unit at a judicial foreclosure sale, extinguished lien of condo association for preforeclosure sale assessments pursuant to Section 9(g)(3) of Condominium Property Act. (MASON and HYMAN, concurring.)
(Court opinion corrected 6/26/18.) In mortgage foreclosure action, court granted summary judgment in favor of bank, entered judgment of foreclosure and sale and approving report of sale and distribution, and dismissing affirmative defense of standing. Amendment to section 15-1501(h) of Foreclosure Law is procedural and may be applied retroactively, As legal holder of promissory note, which it attached to complaint, Plaintiff bank was entitled to pursue foreclosure action.(HARRIS and MIKVA, concurring.)
Plaintiffs filed complaint seeking to avoid transfer of real estate from companies owned and managed by Defendant to companies held in irrevocable trusts for the benefit of his minor daughters.All 3 properties in question were encumbered by mortgages, which are valid liens under the Uniform Fraudulent Transfer Act. Court erred in determining, as a matter of law, that the properties were not assets because they were fully encumbered, without evidence of the fair market value of the parcels. Material issue of fact as to the reasonable value of the properties and whether properties were fully encumbered, and remanded to determine fair market value and calculation of value of transfer in excess of mortgages. The fair market value of encumbered property that exceeds the value of a valid lien qualifies as an asset under Illinois Uniform Fraudulent Transfer Act.(OBRIEN and WRIGHT, concurring)
(Harmon, D-Oak Park; Feigenholtz, D-Chicago) includes registered interior designers under this Act. Passed both chambers.