Banks are still making loansBy Lewis F. MatuszewichCommercial Banking, Collections, and Bankruptcy, February 2012Utilizing the United States Small Business Administration loan programs, in the fiscal year running from October 1, 2010 through September 30, 2011, 222 different lenders had SBA loans approved for business within Illinois.
Banks are debtors too—Attorneys bewareBy Michael McKenzieCommercial Banking, Collections, and Bankruptcy, July 2011When problem banks go into FDIC receivership, the loss exposure for both billed and unbilled time increases exponentially, and the probability of recovering legal fees from an FDIC receivership are practically nil. There are several steps attorneys can take, however, to minimize loss, mitigate risk, and preserve the client relationship.
Does my security agreement cover future advances?By Carson D. MaricleCommercial Banking, Collections, and Bankruptcy, June 2011Under Revised Article 9 of the Illinois UCC, collateral may secure future advances, as well as past or present advances, if the security agreement so provides.
Lender’s use of SBA in IllinoisBy James P. Kelly & Lewis F. MatuszewichCommercial Banking, Collections, and Bankruptcy, June 2011In the fiscal year ending September 30, 2010, 213 different banks utilized an SBA guaranty on 1,975 loans for a total of $504,968,498.
Red Flags Rule enforcement beginsBy J. Joseph McCoyCommercial Banking, Collections, and Bankruptcy, June 2011An overview of the basic principles of the Red Flags Rule and how clients may be affected by it.
Foreclosure mediation met with mixed feelingsBy Whitney RhewAlternative Dispute Resolution, April 2011It appears that efficient programs with “quick” answers for borrowers and high participation rates will be most successful.
Mortgage foreclosures: In rem or quasi in rem? The distinction that makes a differenceBy Robert HandleyCommercial Banking, Collections, and Bankruptcy, February 2011In this recent case the Illinois Supreme Court reversed the appellate court and affirmed the circuit court, thereby dismissing the foreclosure action filed by ABN AMRO Mortgage Group.
Swiss banking secrecyBy Romeo JuriInternational and Immigration Law, January 2011In April 2010, in response to a decision by the Swiss Federal Administrative Court, the Swiss government enabled Swiss authorities to hand over to the IRS the names of 4,450 American bank account holders.
You say tomato, I say tomahto: Court holds Illinois Sureties Act applicable to guarantorsBy Kenneth J. Ashman & Bardia FardBusiness and Securities Law, June 2010The decision in JP Morgan Chase Bank, N.A. v. Earth Foods, Inc. makes available to a guarantor those defenses previously only available to a surety under the Sureties Act, and the decision may have repercussions for similar statutes across the United States.
Court says broker may simply rely on the face of attachment orderBy John T. HundleyCommercial Banking, Collections, and Bankruptcy, August 2009In Hicks v. Midwest Transit, Inc., the court held that a financial institution served with an attachment order was required only to determine that the order was “regular on its face” – and not to explore validity questions which could only be answered from extraneous sources.
Loan Modification AgreementCorporate Law Departments, February 2009The following sample Loan Modification Agreement has been prepared for educational and information purposes only.
Rural lender advantageBy Lewis F. MatuszewichCommercial Banking, Collections, and Bankruptcy, January 2009The United States Small Business Administration has introduced a modification of one of its loan programs, specifically designed to foster economic development in rural areas.
Bank directors on the hot seatBy Kenneth DobbsCommercial Banking, Collections, and Bankruptcy, October 2008The last 15 years have been smooth sailing for banks and their directors. Borrowers paid loans, earnings remained strong, and bank failures were almost non-existent. Recently, however, matters became choppy as borrowers defaulted, earnings plummeted, and a few banks began to fail.
Bank Directors on the hot seatBy Craig McCrohonCorporate Law Departments, May 2008The last 15 years have been smooth sailing for banks and their directors. Borrowers paid loans, earnings remained strong, and bank failures were almost non-existent.
The importance of being thoroughBy Michael G. CortinaCommercial Banking, Collections, and Bankruptcy, November 2007Banks are usually the first target for creditor’s rights attorneys who are seeking to collect on a judgment.
Bill status reportBy Stephen OlsonCommercial Banking, Collections, and Bankruptcy, October 2007Recent legislation of interest.
Current topics in bank examinationsBy Michael A. StanfaCommercial Banking, Collections, and Bankruptcy, July 2007This article is a summary version of a one of the presentations at the Banking Law Seminar put on by the ISBA.
Conference Series: An informed discussion of financial access for immigrants—Part IIBy Steven W. KuehlCommercial Banking, Collections, and Bankruptcy, September 2006The first part of this series appeared in the prior issue of Commercial, Banking & Bankruptcy Law, and this material will be concluded in the next issue of the newsletter.
Conference Series: An informed discussion of financial access for immigrants—Part 1By Steven W. KuehlCommercial Banking, Collections, and Bankruptcy, August 2006During the past two years, the Consumer and Community Affairs (CCA) division of the Federal Reserve Bank of Chicago held a series of conferences focused on increasing access to financial services for immigrants.
Federal Grand Jury subpoenas: Forcing banks to work for freeBy Michael G. CortinaCommercial Banking, Collections, and Bankruptcy, August 2006From time to time, banks will be served with a subpoena to produce documents for a federal grand jury investigation.
Lowering financial risk in lending for projectsBy Valerie GreenbergBusiness Advice and Financial Planning, May 2006The banking/lending community has an emerging financial instrument available that minimizes risk in the loans they make.
Federal and state banking law casesBy Timothy J. HowardCommercial Banking, Collections, and Bankruptcy, December 2005Sklodowski brought this class action against the defendant mortgage company for alleged breach of mortgage note, breach of fiduciary duty and violation of the Illinois Consumer Fraud and Deceptive Practices Act.
Not my job: The duty of third parties to assert exemptions on behalf of judgment debtorsBy Michael G. CortinaCommercial Banking, Collections, and Bankruptcy, July 2005Attorneys for banks and other creditors often find themselves asked by their clients whether they, as third-party respondents to a collection proceeding, have a duty to assert exemptions on behalf of their customers.
