Rents-and-profit doctrine revisited
By Kim M. Casey
Real Estate Law,
May 2018
The Second District Appellate Court upheld the priority of a mortgage lender’s interest in collected rents pursuant to their recorded assignments of rents over a lien based upon a citation to discover assets filed by a competing creditor in BMO Harris v. Contarino.
Citations to discover assets and the automatic stay
By Kim M. Casey
Commercial Banking, Collections, and Bankruptcy,
January 2015
Two recent bankruptcy court decisions confirm that while the automatic stay of Section 362 operates to prevent any further state court proceedings to enforce the pending Citation, it does not create an affirmative duty upon the creditor that the Citation be dismissed immediately upon the filing of a bankruptcy.
2009 Amendments to the Illinois Mortgage Foreclosure Law
By Kim M. Casey
Commercial Banking, Collections, and Bankruptcy,
November 2009
In reaction to the economic downturn of 2008, a record number of bills submitted in the Illinois legislature seeking to amend the mortgage foreclosure procedure.
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