Business Transactions
Realty “Flippers” May Be Liable Under Consumer Fraud Act
Real Estate Roundup SharpThinking No. 178 Perspectives on Developments in the Law from Sharp-Hundley, P.C. March 2020 Realty “Flippers” May Be Liable Under Consumer Fraud Act While an individual who sells his or her own residence to another individual generally is not subject to Illinois Consumer Fraud & Deceptive Business Practices Act, 815 ILCS 505,…
Read MoreCourt Limits Liberal Citation Remedies
SharpThinking No. 177 Perspectives on Developments in the Law from Sharp-Hundley, P.C. February 2020 Court Limits Liberal Citation Remedies By John T. Hundley, john@sharp-hundley.com An Appellate Court panel in Chicago has limited sharply the use of citations to discover assets to apply remedies provided by the garnishment statute. Contrasting the garnishment statute (735 ILCS…
Read MoreDefault, Acceleration Terms Are Critical Condition Precedents
Mortgage Law Roundup Sharp Thinking No. 176 Perspectives on Developments in the Law from Sharp-Hundley, P.C. January 2020 Default, Acceleration Terms Are Critical Condition Precedents By John T. Hundley, 618-242-0200, john@sharp-hundley.com Creditors and their collection counsel are being advised to read promissory notes and mortgages closely before filing suits thereon as a result of…
Read MoreChapter 13 Plan Confirmation Creates Judicial Estoppel
Happy Holidays! Sharp Thinking No. 175 Perspectives on Developments in the Law from Sharp-Hundley, P.C. December 2019 Chapter 13 Plan Confirmation Creates Judicial Estoppel Confirmation of a Chapter 13 plan is a sufficient benefit to estop the bankruptcy debtor from prevailing on an inconsistent position taken in state-court litigation the existence of which was…
Read MoreMunicipality May Be Liable In Quantum Meruit Even Though Contract Is Void In Law, Court Says
Happy Thanksgiving Sharp Thinking No. 174 Perspectives on Developments in the Law from Sharp-Hundley, P.C. November 2019 Municipality May Be Liable In Quantum Meruit Even Though Contract Is Void In Law, Court Says A municipal body can be held liable under the equitable doctrines of quantum meruit and implied in law contracts even…
Read MoreRefi Mortgage Can Take Priority Of Prior Mortgage
Banking Law Roundup SharpThinking No. 173 Perspectives On Developments In The Law From Sharp-Hundley, P.C. October 2019 Refi Mortgage Can Take Priority Of Prior Mortgage By John T. Hundley, John@sharp-hundley.com, 618-242-0200 A mortgage…
Read MoreSuit Against Insurer Tossed After Joint Payee Forges Check
A mortgagee who was entitled to a property insurance payment may not sue the insurer on the policy after the insurer’s payment check is fraudulently endorsed by a co-payee, a panel in the Appellate Court’s First District has held.
Read MoreVerify Agent’s Authority When Making Contract
A party who fails to verify that a purported corporate representative has authority to make a contract on the corporation’s behalf assumes a risk that he does not under a recent decision by a panel of the Appellate Court in Chicago.
Read MoreGuaranty Triggered by Resistance to Foreclosure Is Enforceable, Court Says
By John T. Hundley, Jhundley@lotsharp.com, 618-242-0246
A provision making obligors personally liable if they resist foreclosure on an otherwise non-recourse obligation is enforceable, a panel of the Illinois Appellate Court in Chicago has held.
Foreclosure Judgment Not Final And Appealable, High Court Says
A mortgage foreclosure judgment generally is a “final order” but not a “final and appealable” order, the Illinois Supreme Court said late last month.
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