Commercial Banking, Collections, and Bankruptcy

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

ISBA Members, please login to join this section

2013 Articles

The aftermath of Cypress Creek—How newly-enacted HB 3636 affects commercial mortgage lenders By Thomas M. Lombardo December 2013 A real-world example of exactly how the recent changes to the Mechanics Lien Act affect a commercial real estate foreclosure with post-mortgage mechanics liens.
Aiding Illinois consumers victimized in mortgage rescue scams By Jennifer D. Franklin August 2013 This article will assist attorneys representing victims of mortgage rescue scams in how to conduct a preliminary investigation in order to build their prima facie case and thus potentially survive a motion to dismiss or a motion to strike.
1 comment (Most recent August 15, 2013)
Appellate jurisdiction during pendency of foreclosure: The Illinois Supreme Court clarifies appellate jurisdiction with dissenting opinion By Robert Handley February 2013 This opinion in EMC Mortgage Corporation v. Kemp provides an excellent refresher course on the appealability of interlocutory Orders generally, and of Orders in Foreclosure cases particularly.
Attorney fees provision in invoice binding on buyer (N.D. Illinois 2013) By Paul B. Porvaznik December 2013 The Northern District recently weighed in on the fee-shifting-language-in-invoice question in VLM Food Trading International, Inc. v. Illinois Trading Co.
Cypress Creek decision legislatively reversed By Paul Peterson July 2013 When all is said and done, it is likely that after PA 97-1165 (signed February 11th of this year), construction lenders will be more cautious in their construction lending and will charge an increased interest rate to cover the increased risk of additional mechanics lien losses in Illinois.
Defendant bank not liable for permitting judgment debtor to transfer over $700,000 from accounts By Paul B. Porvaznik December 2013 Mendez v. Republic Bank, a Seventh Circuit case, examines whether a bank that unfreezes the wrong bank accounts (and allows a judgment debtor to transfer hundreds of thousands of dollars) can be liable to the judgment creditor for violating a citation’s restraining provisions.
Illinois business records: Getting them in at trial By Paul B. Porvaznik December 2013 In Bank of America v. Land, the Fifth District discussed the content and reach of the business record exception to the hearsay rule in the context of a mortgage foreclosure suit.
In rem is incomplete: Re-thinking a common foreclosure practice By Michael G. Cortina, Amber L. Michlig, & Stephen J. Butler February 2013 This article argues that an in rem deficiency only applies in certain circumstances and concludes that if an in personam deficiency is sought in the complaint and not granted, the court leaves open the ability of the plaintiff to later sue the debtor again in order to obtain a personal judgment for the amount of the deficiency.
The leaky “pay-if-paid” clause: A fluid story of the “if’s” and “when’s” of contingent payments By Nicholas J. Johnson January 2013 The application of “pay-if-paid” versus a “pay-when-paid” clause can have drastic and far-reaching implications. It is thus essential that these disparate clauses are fully understood, because the impact of such clauses might be the difference between a contractor floating to safety or drowning in debt.
Mentors needed for ISBA Lawyer-to-Lawyer Mentoring Program By Peter L. Rotskoff December 2013 Read more about this important program and sign up to become a mentor today!
Protecting contractor rights in bankruptcy By Samuel H. Levine August 2013 A discussion of the bankruptcy issues most often encountered in the construction setting.
Putting the short into short sales By Philip J. Vacco January 2013 Effective November 1, 2012, Fannie Mae’s and Freddie Mac’s new and improved preforeclosure sales program will officially be known as “Standard Short Sale/HAFA II.
Subcontractor rights under the Miller Act: A case study By Joshua Atlas August 2013 A summary of the recent case of In Capital Computer Group, LLC v. The Gray Insurance Company.
When is a surety not a surety: Clearing up the confusion of self-issued replevin bonds By Stephen J. Butler July 2013 This article will first give a brief overview of actions in replevin without notice, and will then argue that a plaintiff may validly issue its own replevin bond.
Where’s the beef? The FTC 2013 report on debt buyers contains zero evidence of debt collection abuses By Tomio B. Narita February 2013 The FTC recently released its 162-page report titled “The Structure and Practices of the Debt Buying Industry.”