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 § 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.
Successor Agents Do Not Owe Fiduciary Duties To Principal Until They Take Office
The Appellate Court recently confronted a novel issue over whether a successor agent under apower of attorney owes a fiduciary duty to the principal before he becomes the attorney-in-fact.
Read MoreAppeals Court Reins In CFPB
A three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit dealt a significant blow to the Consumer Financial Protection Bureau (CFPB) last month in a 101-page opinion that overturned the bureau’s enforcement action against PHH, a New Jersey mortgage lender,
Read MoreFormer Defendants May Be Respondents In Discovery
Nothing prevents an amended complaint from naming as respondents in discovery persons who had been named as defendants in the original complaint, according to a 2-1 decision of a panel of the Illinois Appellate Court in Chicago.
Read MoreForeclosure Sale Purchaser May Profit On Resale
Confirmation of a mortgage foreclosure sale ends the mortgagor-mortgagee relationship and vests in the foreclosure sale purchaser all the rights, title and interests of both the mortgagor and the mortgagee — including the right to profit on a subsequent resale, a majority of an Appellate Court panel has concluded.
Read MoreExcess Litigation Results in Holding Fee Award Non-Dischargeable in Bankruptcy
The Seventh Circuit U.S. Court of Appeals has ruled that attorney fees ordered to be paid by one spouse to the other spouse’s attorney in a domestic proceeding, as a result of that party’s unreasonable approach to litigation, are non-dischargeable in bankruptcy.
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