A recent decision from the Illinois First District Appellate Court highlights the dangers posed by the technological advances in mobile banking. In West & Lake Check Cashers, LLC v. Propane Pete, LLC, 2023 IL App (2d) 220291 (May 16, 2023) the maker of a check was liable to a currency…
Read More »In Hovde v. ISLA Dev. LLC, 51 F.4th 771 (7th Cir. Oct. 24, 2022) a property developer borrowed money from private lenders in 2004 to develop a condominium project. To secure the loan, the developer signed a note and the developer’s principal gave his personal guarantee. The project ultimately failed.…
Read More »An Illinois appellate court condemned the practice of “sharp bidding” in First Merit Bank, N.A., v. McEnery, 2020 IL App (3d) 180287 (April 14, 2020). Where the terms of the sale of assets to satisfy a judgment require each side to submit their highest and best offers in writing by…
Read More »In Access Realty Grp., Inc. v. Kane, 2019 IL App (1st) 180173 (Sept. 13, 2019) an Illinois Appellate Court upheld the dismissal of a citation proceeding by the creditor’s assignee on the grounds that the merger doctrine satisfied the underlying judgment. Because the plaintiff was no longer a judgment creditor,…
Read More »In Alexander v. AmeriPro Funding, Inc., 848 F.3d 698 (5th Cir. Feb. 16, 2017) the Fifth Circuit held that a lender is not guilty of violating the Equal Credit Opportunity Act (ECOA) because of an alleged policy not to buy loans in the secondary market that rely on a borrower’s…
Read More »The Eight Circuit in McKeage v. TMBC, LLC, 847 F.3d 992 (8th Cir. Feb. 13, 2017) affirmed a judgment of $24 million on behalf of a class against a national retailer for charging a fee to prepare the sales contract and other legal documents. As part of a contract to…
Read More »