Commercial Banking, Collections, and Bankruptcy

The newsletter of the ISBA’s Commercial Banking, Collections, and Bankruptcy Section

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2001 Articles

Alternative dispute resolution in bankruptcy By Erwin I. Katz July 2001 The use of alternative dispute resolution (ADR), once unknown in the bankruptcy context, has increased exponentially over the past 10 years.
Appellate court protects guarantor in dispute over collateral proceeds By Jeffrey D. Cavanaugh November 2001 In an opinion issued in September, an Illinois appellate court concluded that a bank breached its obligation to a guarantor when the bank used proceeds from the sale of collateral to pay off an unsecured loan that was not covered by the guaranty.
Bank counsel and the Bank Secrecy Act By Bradley W. Small January 2001 As president of a national bank and an attorney, I recently received a phone call from the Office of the Comptroller of the Currency (OCC) concerning my bank's compliance with the Bank Secrecy Act (BSA).
Brush up your Latin—“nemo dat qui non habet” By Janice M. Powell July 2001 The Tenth Circuit Court of Appeals has just reminded practitioners that we remain a country of common law and that includes long cherished principles expressed in Latin.
Calling all government attorneys January 2001 The ISBA's Standing Committee on Government Lawyers wants to include you in its constituency.
Collecting on judgments is not for the feeble at heart By Maureseta T. Hawkins July 2001 After ten years of chasing behind a debtor, a former estate attorney, to collect on judgments which were awarded based on his misappropriation of estate assets, relief was finally awarded by the Illinois Appellate Court after this debtor managed to evade and wear out the original creditors who subsequently sold the judgments to the plaintiff in this case.
Does a chapter 7 debtor have an absolute right to convert to another chapter? By Jeffrey D. Richardson January 2001 Section 706 of the Bankruptcy Code provides that a chapter 7 debtor "may convert a case under this chapter to a case under chapter 11, 12 or 13 of this title at any time, if the case has not been converted" from another chapter previously. 11 U.S.C. sec. 706(a).
Foreclosure defenses By James E. Buchmiller July 2001 Sometimes there is an inclination to assume that if the basic note and mortgage are properly executed that there is no real defense to a real estate foreclosure.
Illinois Supreme Court overturns decision against mortgage lender By Jeffrey D. Cavanaugh November 2001 In Voyles v. Sandia Mortgage Corporation (2nd District; 1999), an Illinois appellate court ruled that a mortgage company ("Lender") could be held liable for refusing to accept mortgage payments when the amount of those payments was in dispute and for subsequently reporting negative credit information as a result of the Lender's refusal to accept the tendered payments.
“Mortgagee in possession”—watch your language April 2001 Prepared forms do not always have necessary language.
Predatory lending—a perspective for the mortgage attorney By Celeste M. Hammond November 2001 Predatory lending practices are getting a tremendous amount of attention: in the press, in the title industry; in the mortgage banker industry; in the consumer industry; in Congress, state and local governments.
Revised Article 9 and the growth of structured financing By Kristin Mihelic January 2001 Securitization is an underutilized resource for smaller companies seeking low cost funding.
SBA reauthorization and budget for FY 2001 By Lewis F. Matuszewich April 2001 New legislation signed into law just before year-end provides a near-historic level of funding support for U.S. Small Business Administration (SBA) programs, and authorizes a New Markets Venture Capital program to invest in small businesses in low-income areas.
Seventh circuit affirms that banks have no duty to disclose existence of check kiting scheme By Timothy J. Howard April 2001 The Seventh Circuit Court of Appeals recently affirmed a Central Illinois District Court grant of summary judgment by following the majority rule that subject to four exceptions, "a bank has no good faith obligation to disclose a suspected kite or to refrain from attempting to shift the kite loss.
Signed sales receipt can document purchase money security interest By Jeffrey D. Cavanaugh November 2001 An Illinois Appellate Court recently determined that a credit card sales receipt signed by the borrower can adequately document a purchase money security interest in the goods purchased.
View from the chair By Gary T. Rafool November 2001 The second meeting of our Section Council was held on Saturday, August 18, at the Par-A-Dice Casino Hotel in East Peoria.
View from the chair By Gary T. Rafool July 2001 This is a new feature for our newsletter which will be written by me as chair of the section council during the coming year.