2000 Articles

Adoption of UCC revised Article 9 in Illinois By Robert T. Bruegge & Stephen Olson April 2000 The National Conference of Commissioners on Uniform State Laws ("NCCUSL") and the American Law Institute have been working for many years on a rewrite to Article 9 of the Uniform Commercial Code.

Amendments to the bankruptcy rules to become effective December 1, 2000 unless Congress acts By Wesley H. Avery November 2000 On April 17 the U.S. Supreme Court issued proposed amendments to the Federal Rules of Bankruptcy Procedure and ordered that they be transmitted to Congress.

Coming attractions: In re Hen House Interstate, Inc. Supreme Court grants certiorari By Timothy J. Howard March 2000 On November 8, 1999, the United States Supreme Court granted certiorari of the en banc decision of the Eighth Circuit Court of Appeals in Hartford Underwriters Ins. Co. v. Magna Bank, N.A. (In re Hen House Interstate, Inc. ) 177 F. 3d 719 (8th Cir. 1999) cert. granted, 120 S. Ct. 444 (1999).

Commercial loan not permissible purpose for credit report By Sandra M. Traicoff October 2000 The Federal Trade Commission ("FTC") recently issued a staff interpretative opinion letter that concludes there is no permissible purpose under the Fair Credit Reporting Act ("FCRA") for a business lender to obtain a consumer report on an individual who is a principal, owner or officer of a business loan applicant or who signs a personal guarantee in connection with a business loan

Community Reinvestment Act By Lewis F. Matuszewich & Benjamin P. Shapiro July 2000 The Financial Modernization Act ("FMA") was signed into law in November, 1999.

Consumer “cross-collateralization” clauses held enforceable by the U.S. Fifth Circuit By Joseph P. Chamley November 2000 The United States Court of Appeals for the Fifth Circuit has ruled that a "cross-collateralization for future advances" clause in a consumer transaction is enforceable.

Illinois Supreme Court splits the baby on issue of fraudulent transfer into tenancy by the entirety By Joseph P. Chamley April 2000 The Illinois Supreme Court has decided that pursuant to the Fraudulent Transfer Act (740 ILCS 160/1 et seq (West 1996)), a home transferred to a husband and wife in tenancy by the entirety cannot be sold to satisfy the debt of only one spouse unless the property was transferred "with the sole intent to avoid the payment of debts existing at the time of the transfer.

New powers for Illinois banks By Sandra M. Traicoff & Tyler D. Petersen March 2000 Recent legislation at both the state and federal levels has expanded the scope of powers authorized for Illinois banks.

Procedural glitch concerns agricultural lenders By Joseph P. Chamley & James W. Evans March 2000 With changes in Article 9 effective January 1, 1998, certain agricultural-related continuation statements (UCC-3's) which were previously required to be filed with the county recorder's office must be filed with the Illinois Secretary of State's UCC Division.

Selected issues in oil and gas bankruptcy cases By David W. Elmquist August 2000 Following the downturn in the oil and gas industry and the bankruptcy cases filed in the late 1980's, there have been only a few bankruptcy decisions and statutory amendments to the Bankruptcy Code which have addressed oil and gas issues

Supreme court provides some guidance for advising clients on holding title as tenants by the entirety By Robert H. Rappe, Jr. & Steven C. Lindberg July 2000 On February 17, 2000, the Supreme Court of Illinois issued its opinion in the case of Premier Property Management, Inc. v. Jose Chavez.

Two approaches to actions for breach of the implied covenant of good faith and fair dealing: where are we going? By Kristin Mihelic October 2000 The implied covenant of good faith and fair dealing (implied covenant) is present in every contract entered into in Illinois

Commercial Banking, Collections, and Bankruptcy

2000 Articles