Commercial Banking, Collections, and Bankruptcy

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

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2022 Articles

Allonge Enables Bank to Enforce Note By Michael Weissman January 2022 When all or a portion of a bank’s loan portfolio is transferred, it is not uncommon to use allonges as instruments of transfer.
Assignment of Promissory Note Includes Assignment of Continuing Guaranty By Kevin Stine November 2022 In Amos Financial, LLC v. Szydlowski, the trial court entered summary judgment in favor of a creditor enforcing a promissory note guarantee. The appellate court affirmed.
Bank Loses Claim to Collateral By Michael Weissman July 2022 Although after-acquired personal property collateral can be included in a bank's collateral by using an after-acquired clause in the collateral description, that is not true of real estate. 
Bank Not Liable Under the Statute of Frauds By Michael Weissman March 2022 In Modern Industries, Inc., vs. Oxford Bank Corp., the claimants sued the bank for alleged negligence in unilaterally changing the terms of certain loans in violation of the parties’ agreement, breach of fiduciary duty by failing to properly distribute loans, and engaging in in constructive fraud and misrepresentation by waiting to disclose unilateral changes to the final loan documents until the claimants were left with no choice except to close the loans.
Bank’s UCC Liens Trump Wage Claims in Federal Receivership By Michael Weissman May 2022 Even though courts are generally sympathetic to wage claims of employees of insolvent borrowers, they will not use state statutory law to subordinate earlier-perfected security interests in the borrower’s assets to those wage claims unless the state law clearly grants the wage claims a lien priority position.
Can a Wire Transfer Be Recalled After It Is Accepted? By Michael Weissman May 2022 In a case involving the Uniform Commercial Code, decided by the United States District Court for the Eastern District of Virginia in September 2021, the court was called upon to decide when an accepted payment order may be canceled.
Choosing a Legal Guardian Requires Vigilance on the Part of the Court By Amir Vala Tavangar October 2022 A lasting power of attorney is a very powerful document—in 2020, more than 1,400 concerns of abuse of power of attorneys and guardianships were filed to the Office of Public Guardian.
Consequences of Stopping Construction: Delays and Disruptions Resulting From Catastrophes By Samuel H. Levine July 2022 A look at what happens when there are delays and disruptions to construction projects due to causes outside of the parties' control.
Consequences of Stopping Construction: Delays and Disruptions Resulting From Catastrophes By Samuel H. Levine May 2022 A look at what happens when there are delays and disruptions to construction projects due to causes outside of the parties' control.
Counseling Businesses Trademarking Digital Assets By Ahad Syed November 2022 A look at common issues that arise in protecting a business’ digital assets through federal trademark law.
Effect of Judgment Lien on Death of Joint Tenant By Emily R. Vivian November 2022 The appellate court recently held that because a joint tenant’s interest in property terminates upon his death, a judgment lienholder cannot foreclose the judgment lien against such property after the joint tenant’s death.
The End (Beginning) Is in Sight By Judge Michael Chmiel November 2022 An introduction to the issue from the editor.
ESI: A Primer By George Bellas & Joseph Dybisz July 2022 Because exorbitant litigation costs resulting from complex e-discovery could materially impact a client’s ability to prove a given claim or defense, knowing how to identify, preserve, and negotiate with opposing counsel to obtain relevant electronically stored information presents critical leverage points during e-discovery.
The Fall Sneaks In By Judge Michael Chmiel October 2022 An introduction to the issue from the editor.
The Finale Is Just the Beginning By Judge Michael Chmiel May 2022 An introduction to the issue from the editor.
Goodbye Masks and Pandemic, Hello Change By Judge Michael Chmiel March 2022 An introduction to the issue from the editor.
In Memoriam: Amber Lynn Bishop By Michael G. Cortina October 2022 In memory of Amber Lynn Bishop.
IRA Accounts Can Stand as Collateral, Cannot Be Liquidated Without Recourse By Michael Weissman January 2022 A summary and analysis of Cassidy v. Signature Bank, in which the use and availability of IRA accounts to satisfy a debt was at issue.
Jackson v. Callan: A Postmortem Analysis of 18 Years of Litigation By Ira N. Helfgot October 2022 A summary and analysis of Jackson v. Callan.
Justice Rita Garman, the Longest Tenured Sitting Judge, Is Retiring: A Look at Her Career and Legacy By Hon. Alfred Swanson, (ret.) July 2022 After 40 years, six months as a judge, Supreme Court Justice Rita Garman is retiring effective July 7, 2022.
Keys to Increasing Your Prospects for Success in Mediation: Insights From Chief Circuit Mediator for the U.S. Court of Appeals for the Seventh Circuit By Edward Casmere July 2022 Highlights from conversations with Joel Shapiro, a mediator at the U. S. Court of Appeals for the Seventh Circuit for the last 28 years.
The New World Order Is Here, But We Remain a Profession By Judge Michael Chmiel July 2022 A note from the editor.
Now Comes the Cold By Judge Michael Chmiel January 2022 An introduction to the issue from the editor.
Service of Third-Party Citation to Discover Assets Via Email Is Not Effective By Kevin Stine November 2022 In Midwest Commercial Funding, LLC v. Kelly, the appellate court determined that service of a third-party citation to discover assets was not effective when sent via email.
Spring 2022 Supreme Court Arbitration Cases Worth Noting By Deborah Soehlig November 2022 Summaries of three recent arbitration decisions.
Take Care of the Best Machine You Own! Part II By Robert Fioretti & Nicki Pecori Fioretti March 2022 Wellness tips to be the best version of yourself for your clients, colleagues, and family.
Time Standards Are Here for Cases in Illinois Courts By Judge Michael Chmiel May 2022 On March 25, 2022, the Supreme Court of Illinois entered an order which will (should) change the handling of cases in the circuit courts of Illinois.
Using ‘Non-Lienability’ as a First Tranche Attack to Defeat a Mechanic’s Lien Case By Adam Whiteman January 2022 The Illinois Mechanic’s Lien Act grants to a contractor the right to place a lien on property in order to secure that contractor’s right to obtain fair compensation for the value of services and materials that have been provided. There are times, however, when this process is abused or misapplied.
When Does a Denial Create a Question of Fact? Eviction vs. Non-Eviction Standards By Adam B. Whiteman March 2022 A defendant in an eviction case has two opportunities to create a question of fact—the first in the pleadings, the second at the eviction hearing.