Archive for December 2016
Mortgage Loan Acceleration Provisions Require Strict Compliance, Court Rules
Mortgagees and their counsel had better pay close attention to the acceleration terms of their
mortgages before foreclosing as a result of a recent decision of the Appellate Court in Chicago.
Three-Year Statute Applies To Misapplied Deposits
The three-year statute of limitations of Uniform Commercial Code ยง 4-111 (810 ILCS 5/4-111) applies
to a lawsuit pleaded as a common-law breach-of-contract case if the claim is related to banking transactionsinvolving negotiable instruments, a panel of the Appellate Court in Chicago has reiterated.