Cypress Creek decision legislatively reversedBy Paul PetersonCommercial Banking, Collections, and Bankruptcy, July 2013When 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.
Cypress Creek decision legislatively reversedBy Paul PetersonConstruction Law, May 2013The practical effect of PA 97-1165 is that lien claimants will be paid their contract amount on most completed jobs whether or not they have priority over the construction lender.
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