(Mulroe, D-Chicago) requires an assignment of a developer's interest in the property to be in writing and recorded for it to be effective. Scheduled for hearing this Wednesday in Senate Judiciary Committee.
(Mulroe, D-Chicago) provides the plaintiff's notice of motion shall use the term "owner" instead of "landlord" whenever "landlord" appears in the notice in an action brought by a mortgagee who assumes control of the residential real estate in foreclosure through a judicial foreclosure, consent foreclosure, common law strict foreclosure, or delivery of a deed in lieu of foreclosure. Scheduled for hearing this Wednesday in Senate Judiciary Committee.
(Connelly, R-Lisle) allows a unit owner to retain ownership of his or her unit in one situation. That situation would be if the fair market value is not at least 90% of the price the unit owner paid for the unit if the unit owner files a written objection to a sale of condominium property within 20 days after the date of the meeting at which the sale was approved. This change would apply to sales that are pending or commenced on and after the effective date. Assigned to Senate Judiciary Committee.
Bank filed counterclaim for declaratory judgment action, seeking declaration that it foreclosed certain "recapture rights" when it foreclosed on 2 parcels of real estate that were collateral for a defaulted loan. Court properly granted summary judgment for plaintiff and counterdefendant developer, finding that recapture rights were personal property not subject to foreclosure. Recapture fees due to a developer pursuant to Section 9-5-1 of Illinois Municipal Code are not an interest in the benefited property and are not subject to foreclosure. Parties' settlement agreement and mutual release for consent foreclosure contained fee-shifting provision for attorney's fees to be awarded to prevailing party. Court was within its discretion in awarding attorney fees to developer. (SCHOSTOK and BIRKETT, concurring.)
(Court opinion corrected 2/17/16.) Court entered summary judgment for Plaintiff in mortgage foreclosure action. Plaintiff's prove-up affidavit of Plaintiff's vice-president, was sufficient to support summary judgment for the amounts due. Affiant established that the record was made in regular course of business, and made at or near the time of the event or occurrence, which satisfied foundational requirements of Rule 236. Thus, court properly considered affidavit and attached loan documents and did not face issue of material fact as to amounts owing on loan. (ZENOFF and BURKE, concurring.)
(McAsey, D-Lockport) provides that before a lease is signed, a landlord must provide each tenant any records pertaining to radon concentrations within the dwelling unit that indicate a radon hazard. If a tenant performs a radon test, the tenant must provide to the landlord the test result within 10 days after receiving the result. Before a lease is signed a landlord must furnish each prospective tenant with a prescribed radon hazard disclosure form. Nothing implies an obligation on a landlord or tenant to conduct any radon testing. Provides that a lease may be terminated under specified circumstances involving radon hazard. Referred to House Rules Committee.
(Welch, D-Westchester) provides procedures and requirements for the access and control by guardians, executors, agents, and other fiduciaries of the digital assets of persons who are deceased, under a legal disability, or subject to the terms of a trust. Referred to House Rules Committee.
(Althoff, R-McHenry) amends the Mechanics Lien Act. Current law requires work to be done or materials furnished to obtain a lien within three years for residential property and five years for any other kind of property. This part of the Act sunsetted January 1, 2016, and the limitation then reverts to three years for any kind of property at that time. Senate Bill 2450 re-extends the sunset for five years from the date that this bill would be signed into law. Referred to the Senate Committee on Assignments.
(Nekritz, D-Buffalo Grove) provides that the rights of a beneficial owner may not be impaired in any way by the change of trustees if the identity of the trustee of a land trust has been changed by virtue of sale, assignment, appointment, or otherwise, but the beneficial owner or owners of the land trust remain unchanged. Provides that a change of trustees by a sale, acquisition, or appointment governed by the Corporate Fiduciaries Act is not a bar or defense to any pending court action filed by or in the name of either the previous trustee or the new trustee, regardless of whether the court action was originally filed in a representative capacity on behalf of the beneficial owner or owners. Referred to House Rules Committee.
(Modified upon denial of rehearing 2/10/16.) City entered into agreement with developer, wherein developer agreed to develop certain property as a residential planned development and to make property improvements at its own expense, and City approved development and agreed to annex property into City. Developer later filed bankruptcy.When developer's bankruptcy trust sold all remaining property to another company, the sale discharged developer's obligation to complete improvements, and underlying obligation was assumed by buyer. Buyer's successor liability was a matter of public record and statutory law, which is incorporated into every contract unless contract provides to the contrary. Surety can look to buyer to either perform buyer's obligations under Annexation Agreement or pay costs sustained by surety if it is forced to pay City due to buyer's failure to perform.(BURKE and SPENCE, concurring.)