Section Newsletters

Articles on Banks and Financial Institutions

Update by banking committee By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, July 2005 In this meeting's report, I picked up two cases that I missed from December 2004. Fortunately, not many cases have been reported since our February meeting, so the report is very short.
Check 21 in 2005 By Tamik A. Bryant Commercial Banking, Collections, and Bankruptcy, March 2005 The Check Clearing for the 21st Century Act ("Check 21"), which went into effect October 28, 2004, is designed to facilitate the broader use of electronic check processing without mandating that any bank change its current check collection practices, and reduce the cost of physically handling and transporting original paper checks.
Intercreditor agreements in mezzanine financing: Advice for mezzanine lender’s counsel By David Neboyskey Commercial Banking, Collections, and Bankruptcy, March 2005 This article discusses mezzanine financing generally and offers advice to mezzanine lenders' counsel for the negotiation and drafting of intercreditor agreements.
Case law update By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, February 2005 Since our last meeting, we report the following matters relating to banking law.
Bill status report (Section council action as of 12/10/04) By Stephen Olson, John Roska, & Lisa Treviranus Commercial Banking, Collections, and Bankruptcy, December 2004 A report on the status of recent legislation.
Intercreditor agreements in mezzanine financing: advice for mezzanine lender’s counsel By David Neboyskey Real Estate Law, November 2004 Over the past several years, a new means of secured financing has risen to prominence in the financial marketplace.
Update by banking committee By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, September 2004 Since our last meeting, we report the following matters relating to banking law.
Update by banking committee By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, February 2004 Since our last meeting, we report the following matters relating to banking law:
Bill status report (Section Council action as of September 13, 2003) Commercial Banking, Collections, and Bankruptcy, December 2003 Bill Sponsor Short Digest Synopsis Section Council Position Last Activity/ Action or Location/Time HB 16*
Update by banking committee By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, December 2003 This is a forged check case involving the interesting twist of a stolen identity. Nicholas Fredich placed an ad in the Denver Post for a fictitious bookkeeping position.
Frequently asked questions about the mechanics of filing under RA-9 in Illinois By James W. Evans Commercial Banking, Collections, and Bankruptcy, November 2003 Q. Since RA-9 eliminated the requirement of the Debtor's signature on a UCC-1, how do I establish that my filing was legally authorized?
Frequently asked questions about the mechanics of filing under RA-9 in Illinois By James W. Evans Commercial Banking, Collections, and Bankruptcy, September 2003 Q. Since RA-9 eliminated the requirement of the Debtor's signature on a UCC-1, how do I establish that my filing was legally authorized?
Update by banking committee By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, March 2003 Since our last meeting, we report the following matters relating to banking law. This month several of the cases involve contractual interpretation and the proper or improper use of the English language.
First District unfortunately creates judicially crafted exception to section 4-406(f) of the UCC By Janice M. Powell Commercial Banking, Collections, and Bankruptcy, February 2003 In Falk v. Northern Trust Co., 327 Ill. App. 3d 101, 763 N.E.2d 280, 261 Ill. Dec. 410 (2001), the First District of the Illinois Appellate Court created an exception to the reporting obligation of bank account customers found in section 4-406(f) of the Uniform Commercial Code (UCC).
Update by banking committee By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, February 2003 Since our last meeting, we report the following matters relating to banking law.
New powers for Illinois banks By Sandra M. Traicoff & Tyler D. Petersen Commercial Banking, Collections, and Bankruptcy, March 2000 Recent legislation at both the state and federal levels has expanded the scope of powers authorized for Illinois banks.
Procedural glitch concerns agricultural lenders By Joseph P. Chamley & James W. Evans Commercial Banking, Collections, and Bankruptcy, March 2000 With changes in Article 9 effective January 1, 1998, certain agricultural-related continuation statements (UCC-3's) which were previously required to be filed with the county recorder's office must be filed with the Illinois Secretary of State's UCC Division.
Confidentiality of bank examination information expanded By Jerry D. Cavanaugh & Bradley W. Small Commercial Banking, Collections, and Bankruptcy, December 1999 Recent legislation signed by Governor Ryan (Senate Bill 447; Public Act 91-201), effective January 1, 2000, expands certain confidentiality provisions protecting Illinois banks and their customers.
The duty of a bank customer to discover and report unauthorized signatures is prerequisite to suit By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, January 1999 On June 1, 1998, the First District Appellate Court held that section 4-406(f) of the revised Illinois Uniform Commercial Code (hereinafter "UCC") requires a bank customer to notify its bank of unauthorized signature or alteration of an instrument within a year of the bank statement or items being made available to the customer in order for the customer to preserve its right to bring suit against the bank.

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