Welcome to the Spring 2009 issue of Financial Services Quarterly. Please click here to view the issue.
This edition of Financial Services Quarterly contains a variety of articles that are timely and informative for every banker in Illinois.
As Illinois now ranks 5th in the nation in the number of foreclosure cases filed, it is important to know about recently passed legislation that amends the Illinois Mortgage Foreclosure Law. The first article discusses Senate Bill 2513 and provides information on how to comply with this new law.
The next article discusses bankruptcy preferences and the problems that banks may face if they fail to record their security interests immediately after they attach.
After that is an article that discusses lender liability and ways to defend against claims that a bank made an oral commitment to lend. In particular, the Illinois Credit Agreements Act is discussed, as are its limitations.
Finally, there is an article that discusses a recent case about cashier’s checks and how they cannot be “cancelled” once they enter into the stream of commerce. This case is vital for banks to know and understand as it shows who can and cannot be liable for a wrongful stop payment on such checks.
Also, the recent Administrative Order from the Cook County Court suspending all foreclosures temporarily can be found by clicking here. The Order's reasoning can be found by clicking here.