Articles on commercial banking | Illinois State Bar Association

When an Account Receivable Isn’t an Account Receivable By Michael Weissman Commercial Banking, Collections, and Bankruptcy, April 2020 The decision of the Supreme Court of Illinois in Accettura v. Vacationland focuses on an issue involving the validity of collateral on which lenders depend heavily—a borrower’s accounts receivable.

Creditors’ Willful Violation of the Automatic Stay Under 11 U.S.C. § 362(k) of the Bankruptcy Code: When the Debtor Initiates Contact By Taofikat I. Ninalowo Commercial Banking, Collections, and Bankruptcy, February 2020 A discussion of creditors’ willful violation of the automatic stay under section 362 of the Bankruptcy Code.

Second Citations to Discover Assets Directed to a Previous Respondent By Robert G. Markoff Commercial Banking, Collections, and Bankruptcy, February 2020 Supreme Court Rule 277 imposes a major limitation on the number of citations to discover assets that may be issued to one party.

Trends in Overdraft Fee and NSF Litigation By Matt Mulqueen & Robert Tom Commercial Banking, Collections, and Bankruptcy, February 2020 There has recently been an increase in class action lawsuits against banks and credit unions challenging the manner in which those institutions charge overdraft and non-sufficient funds fees.

Tweaks to Judgment Enforcement Law By Robert G. Markoff Commercial Banking, Collections, and Bankruptcy, February 2020 P.A. 101-191, which was recently signed into law, updates and modernizes several aspects of judgment enforcement law related to citations to discover assets, garnishment, and wage deduction.

Credit card issuing banks have no common law remedies against a retail merchant with a data security breach By Michael L. Weissman Commercial Banking, Collections, and Bankruptcy, August 2018 The U.S. Court of Appeals for the Seventh Circuit recently handed down a significant decision in Community Bank of Trenton v. Schnuck Markets, Inc., which involved the purported liability of a retail merchant to credit card issuing banks in the face of a data security breach.

Whose law is it? By Samuel H. Levine Commercial Banking, Collections, and Bankruptcy, August 2018 Two recent cases, Z.B., NA v. Hoeller and Bonita Real Estate v. SLF IV Lending, attempt to answer which law governs a deficiency when the choice-of-law provisions in the promissory note and mortgage are in conflict.

Oh, those old cases—How they haunt you By Thomas F. Hartzell Commercial Banking, Collections, and Bankruptcy, December 2002 We were recently involved in a mechanics lien case where we represented the plaintiff lumber company against the owner of the real estate, his contractor and the bank as mortgagee.

Update by banking committee By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, December 2002 This is a case that seeks to shift the responsibility of errant employees to banks instead of their employers.

Enforceablilty of intercreditor agreements in bankruptcy By John C. Murray Commercial Banking, Collections, and Bankruptcy, August 2002 A recent Illinois bankruptcy court decision, In re 203 N. LaSalle Street Partnership, 246 B.R. 325 (Bankr. N.D. Ill. 2000), deals specifically with the rights of parties to an intercreditor agreement.

Payable on death accounts By Bradley W. Small Commercial Banking, Collections, and Bankruptcy, May 2002 Effective January 1, 2002, legislation was enacted providing that payable on death accounts may be held in the names of joint account holders

Perfecting and enforcing a security interest in an option to purchase real estate By John C. Murray Commercial Banking, Collections, and Bankruptcy, May 2002 If a person or entity acquires an option from the owner of a parcel (or parcels) of real estate to purchase such real estate, is the optionee's interest personal property or real property

Securing the right to receive government payments under revised article 9 By Jeffrey A. Mollet Commercial Banking, Collections, and Bankruptcy, May 2002 Whether a security interest in government program payments is perfected has always been at the center of debate, generally in the bankruptcy or "farmer-in-distress" context, and the issue remains largely unresolved by the recent revisions to Article 9 of the Illinois Uniform Commercial code which took effect on July 1, 2001

Does UPL by in-house counsel really waive the attorney-client privilege? By Michael Todd Scott Commercial Banking, Collections, and Bankruptcy, March 2002 In the June 2000 issue of The Corporate Lawyer, we ran an article entitled "Unauthorized Practice of Law and In-house Counsel."

Can a Chapter 7 debtor’s attorney be compensated from the bankruptcy estate? By Jeffrey D. Richardson Commercial Banking, Collections, and Bankruptcy, February 2002 Like many issues in bankruptcy law the answer to the question of whether a debtor's Chapter 7 bankruptcy attorney can be compensated from the bankruptcy estate depends on whether you try to determine the purely logical answer to the question or whether you refer to the actual statute

SBA is still approving credits By Lewis F. Matuszewich Commercial Banking, Collections, and Bankruptcy, February 2002 The United States Small Business Administration (SBA) continues to administer many programs designed to assists small and middle size businesses.

View from the chair By Gary T. Rafool Commercial Banking, Collections, and Bankruptcy, February 2002 There has been a lot of discussion lately on unauthorized practice of law (UPL) by in-house counsel.

Appellate court protects guarantor in dispute over collateral proceeds By Jeffrey D. Cavanaugh Commercial Banking, Collections, and Bankruptcy, November 2001 In an opinion issued in September, an Illinois appellate court concluded that a bank breached its obligation to a guarantor when the bank used proceeds from the sale of collateral to pay off an unsecured loan that was not covered by the guaranty.

Illinois Supreme Court overturns decision against mortgage lender By Jeffrey D. Cavanaugh Commercial Banking, Collections, and Bankruptcy, November 2001 In Voyles v. Sandia Mortgage Corporation (2nd District; 1999), an Illinois appellate court ruled that a mortgage company ("Lender") could be held liable for refusing to accept mortgage payments when the amount of those payments was in dispute and for subsequently reporting negative credit information as a result of the Lender's refusal to accept the tendered payments.

Predatory lending—a perspective for the mortgage attorney By Celeste M. Hammond Commercial Banking, Collections, and Bankruptcy, November 2001 Predatory lending practices are getting a tremendous amount of attention: in the press, in the title industry; in the mortgage banker industry; in the consumer industry; in Congress, state and local governments.

Signed sales receipt can document purchase money security interest By Jeffrey D. Cavanaugh Commercial Banking, Collections, and Bankruptcy, November 2001 An Illinois Appellate Court recently determined that a credit card sales receipt signed by the borrower can adequately document a purchase money security interest in the goods purchased.

View from the chair By Gary T. Rafool Commercial Banking, Collections, and Bankruptcy, November 2001 The second meeting of our Section Council was held on Saturday, August 18, at the Par-A-Dice Casino Hotel in East Peoria.

Alternative dispute resolution in bankruptcy By Erwin I. Katz Commercial Banking, Collections, and Bankruptcy, July 2001 The use of alternative dispute resolution (ADR), once unknown in the bankruptcy context, has increased exponentially over the past 10 years.

Brush up your Latin—“nemo dat qui non habet” By Janice M. Powell Commercial Banking, Collections, and Bankruptcy, July 2001 The Tenth Circuit Court of Appeals has just reminded practitioners that we remain a country of common law and that includes long cherished principles expressed in Latin.

Collecting on judgments is not for the feeble at heart By Maureseta T. Hawkins Commercial Banking, Collections, and Bankruptcy, July 2001 After ten years of chasing behind a debtor, a former estate attorney, to collect on judgments which were awarded based on his misappropriation of estate assets, relief was finally awarded by the Illinois Appellate Court after this debtor managed to evade and wear out the original creditors who subsequently sold the judgments to the plaintiff in this case.

Foreclosure defenses By James E. Buchmiller Commercial Banking, Collections, and Bankruptcy, July 2001 Sometimes there is an inclination to assume that if the basic note and mortgage are properly executed that there is no real defense to a real estate foreclosure.

View from the chair By Gary T. Rafool Commercial Banking, Collections, and Bankruptcy, July 2001 This is a new feature for our newsletter which will be written by me as chair of the section council during the coming year.

“Mortgagee in possession”—watch your language Commercial Banking, Collections, and Bankruptcy, April 2001 Prepared forms do not always have necessary language.

SBA reauthorization and budget for FY 2001 By Lewis F. Matuszewich Commercial Banking, Collections, and Bankruptcy, April 2001 New legislation signed into law just before year-end provides a near-historic level of funding support for U.S. Small Business Administration (SBA) programs, and authorizes a New Markets Venture Capital program to invest in small businesses in low-income areas.

Seventh circuit affirms that banks have no duty to disclose existence of check kiting scheme By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, April 2001 The Seventh Circuit Court of Appeals recently affirmed a Central Illinois District Court grant of summary judgment by following the majority rule that subject to four exceptions, "a bank has no good faith obligation to disclose a suspected kite or to refrain from attempting to shift the kite loss.

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