How blockchain stops bank fraudBy Thomas E. Howard & Lina AldadahCommercial Banking, Collections, and Bankruptcy, March 2018Once blockchain is ready for prime time, attorneys for the bank never will again need to trace proceeds or worry about bad checks.
A review of the protections available to banks when dealing with attorneys-in-factBy Bradley W. Small & Amy C. RandazzoCommercial Banking, Collections, and Bankruptcy, March 2018With changing technology allowing more people to easily create their own estate planning documents, authors Bradley Small and Amy Randazzo thought it might be time to review the protections banks have when working with a customer’s attorney-in-fact.
Blurred line between business and personal loans and the application of the Illinois Credit Agreements ActBy Thomas E. HowardCommercial Banking, Collections, and Bankruptcy, July 2017Lenders should police their residential real estate collateral now to ensure that their borrowers have not become landlords. The borrowers could have easily gotten a new home mortgage from another mortgage bank. Very specific steps must be taken to bring the formerly residential mortgage loan under the shield that the ICAA provides to commercial lenders.
Recent casesBy Michael WeissmanCommercial Banking, Collections, and Bankruptcy, July 2017Recent cases of interest to practitioners.
Refresher in confessions of judgmentBy Julia Jensen SmolkaCommercial Banking, Collections, and Bankruptcy, July 2017This article is meant to be a refresher on how you bring a Confession of Judgment action. As any good lawyer will say, you need to start with the statute.
Restoring the benefit of the bargainBy Samuel H. LevineCommercial Banking, Collections, and Bankruptcy, July 2017Is a lender entitled to default interest, late fees and other default penalties in a reorganization plan proposed by its borrower? Recent case law says “yes.”
Confession of judgment clause valid in note with variable interest rateBy Kevin J. StineCommercial Banking, Collections, and Bankruptcy, October 2016On August 26, the First District Appellate Court issued an opinion in Cole v. Davis, concluding that a confession of judgment clause with a fixed principal amount due and a variable interest rate is not legally insufficient under Illinois case law interpreting the statutory right to confess judgment.
Serving a dissolved company: Isfan v. Longwood TowerBy Hon. Daniel T. Gillespie & Daniel BurleyCivil Practice and Procedure, September 2016How does a party serve a dissolved entity? It depends on whether the company is a limited liability entity or a corporation. The distinction is important, as improperly serving a dissolved entity can scuttle a case.
Lenders and contaminated propertyBy Eugene P. Schmittgens, Jr.Business Advice and Financial Planning, May 2016Establishing proper safeguards and with a property with a viable end-use, contaminated properties can be profitable for all parties.
Recent casesBy Michael L. WeissmanCommercial Banking, Collections, and Bankruptcy, March 2016Recent cases of interest.
Case summariesBy Robert T. BrueggeCommercial Banking, Collections, and Bankruptcy, October 2015Recent bankruptcy cases of interest.
Reviving dormant judgments in IllinoisBy Michael J. GilmartinCommercial Banking, Collections, and Bankruptcy, June 2015If you are a banker or an attorney representing banks, now is an excellent time to revisit your drawer or spreadsheet of judgments to see if they are worth more than the paper they are printed on.
Dragnet clauses or bustBy Thomas E. HowardCommercial Banking, Collections, and Bankruptcy, March 2015To avoid possible errors, every security agreement must contain a dragnet clause to allow for subsequent modifications or additional extensions of credit by the lender to be properly secured.
Attorneys beware!By Jeffrey G. SorensonCommercial Banking, Collections, and Bankruptcy, February 2015The case of Heartland Bank and Trust Company v. The Leiter Group, Attorneys and Counselors Professional Corporation is warning for all attorneys who accept payments from a client in financial distress.
Can lenders collect rents without possession? Recent First District opinion calls well-settled answer “no” into questionBy Thomas M. LombardoCommercial Banking, Collections, and Bankruptcy, October 2014One of the first things someone learns when they get involved in commercial real estate foreclosures is that a lender cannot enforce an assignment of rents unless it first obtains some form of “possession.” The First District, perhaps unintentionally, called this well-settled possession requirement into question on July 23, 2014 with its decision in Urban Partnership Bank v. Winchester-Wolcott, LLC, et al.
Law firm’s negligence suit against bank defeated by account agreement and UCC Article 4 (IL Law)By Paul B. PorvaznikCommercial Banking, Collections, and Bankruptcy, April 2014In July 2013, the Third District appeals court affirmed dismissal of a law firm’s negligence suit against a bank that charged back the firm’s account after a $350,000 check deposited by the firm turned out to be counterfeit.
Defendant bank not liable for permitting judgment debtor to transfer over $700,000 from accountsBy Paul B. PorvaznikCommercial Banking, Collections, and Bankruptcy, December 2013Mendez 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.
The leaky “pay-if-paid” clause: A fluid story of the “if’s” and “when’s” of contingent paymentsBy Nicholas J. JohnsonCommercial Banking, Collections, and Bankruptcy, January 2013The 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.
Putting the short into short salesBy Philip J. VaccoCommercial Banking, Collections, and Bankruptcy, January 2013Effective 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.
Guarantor bewareBy Jerry D. CavanaughCommercial Banking, Collections, and Bankruptcy, September 2012A summary of the recent case of TH Davidson and Company vs. EIDOLA Concrete and Thomas Kilbride.
Piercing the corporate veil in Illinois: A tool for lendersBy Michael L. WeissmanCommercial Banking, Collections, and Bankruptcy, September 2012In Wachovia Securities, LLC v. Banco Panamericano, the Seventh Circuit Court of Appeals considered what must be established under Illinois law to impose liability on corporate insiders for indebtedness incurred by the corporation.
