Commercial Banking, Collections, and Bankruptcy

The newsletter of the ISBA’s Commercial Banking, Collections, and Bankruptcy Section

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2011 Articles

25 points to remember when foreclosing on UCC-type collateral By Michael L. Weissman September 2011 A checklist for a successful foreclosure and sale of collateral.
Apparently, “head-in-the-sand” is not a valid defense By Jeffrey A. Mollet November 2011 The recent case of U.S. v. Buchman gives practitioners guidance on what not to do to prove your case.
Banks are debtors too—Attorneys beware By Michael McKenzie July 2011 When 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.
The bucks start here: How national banks have payment priority over judgment creditors when processing collection efforts By Michael G. Cortina February 2011 The Illinois Banking Act, which is relevant state law, does not apply to nationally chartered banks regarding the charging and collection of fees to the bank’s customer’s account because of federal law preemption.
Condominium assessments and mortgage foreclosure: A study of 765 ILCS 605/9(g) By Richard F. Bales September 2011 An analysis of the Condominium Property Act.
Does my security agreement cover future advances? By Carson D. Maricle June 2011 Under 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.
Is a confession of judgment clause in a guaranty enforceable? By Timothy J. Howard November 2011 There are circumstances under which a confession of judgment guaranty can be enforceable, such as where the guaranty is combined with the promissory note.
1 comment (Most recent November 14, 2011)
Lender’s use of SBA in Illinois By James P. Kelly & Lewis F. Matuszewich June 2011 In 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.
Mortgage foreclosures: In rem or quasi in rem? The distinction that makes a difference By Robert Handley February 2011 In 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.
New citation lien procedure provides enforcement help for judgment creditors By Mary Anne Spellman Gerstner November 2011 Effective January 1, 2012, Code of Civil Procedure amendments will give improved remedies to judgment creditors in citation to discover assets proceedings and other post-judgment procedures.
Practice Tip: New Defenses. Collection Agency Act requires documentation of assignments By Brett R. Geiger November 2011 A look at the recent case of Unifund CCR Partners v. Mohammad Shah.
Red Flags Rule enforcement begins By J. Joseph McCoy June 2011 An overview of the basic principles of the Red Flags Rule and how clients may be affected by it.
Taking deficiency judgments in foreclosure By Stephen J. Butler July 2011 A discussion of the legal standard for entry of a deficiency judgment and a look at the common roadblocks used by courts in denying them.