2016

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.

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.

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.

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.

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.