Financial Services Alert: Illinois Governor Signs Law Altering how Lien Priorities are Determined in Mechanics Lien Situations
Governor Quinn signed HB 3636 into law which drastically alters how lien priorities are determined in mechanics lien situations. Lenders are adversely affected.
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Financial Services Alert: Citation to Discover Assets Served on Judgment
A January 28, 2013 decision issued by the United States Court of Appeals for the Seventh Circuit held that a served citation to discover assets acts as a lien against a debtor’s bank funds, despite the fact that the bank was not served a citation as well.
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Financial Services Alert: Commercial Guaranties - Lender Beware
The law in regard to commercial guaranties, between lender and guarantor and between lender and multiple guarantors, has arguably been modified by a recent decision in the First District Appellate Court in "Riley Acquisitions, Inc. v. Drexler."
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Financial Services Alert: National City Bank v. Majerczyk
National City Bank v. Majerczyk exemplifies the latest tactic used by borrowers who are facing foreclosure by challenging the validity of a stamped signature.
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Financial Services Alert - March 2011
On February 25, 2011, the Illinois Supreme Court provided lenders further comfort concerning construction lending and the sometimes confusing interplay between mortgage and mechanics liens.
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