Tribune creditors seek to sue Zell over leveraged buyout
The unsecured creditors committee in Tribune Co.’s bankruptcy case asked a Delaware judge Monday for the right to sue Chicago real estate magnate Sam Zell and other investors and lenders who...
View ArticleMechanics Lien Act
Mechanics Lien Act. Public Act 97-966 (Althoff, R-Crystal Lake; Tyron, R-Crystal Lake) requires work to be done or materials furnished within three years for residential property and five years for any...
View ArticleRadon Resistant Construction Act
Radon Resistant Construction Act. Public Act 97-953 (McAsey, D-Lockport; Collins, D-Chicago) creates the Radon Resistant Construction Act. It requires all new residential construction include passive...
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Title Company has No Duty to Provide Chain-of-Title infoew Tab
A cautionary tale for home buyers who are seeking title insurance to protect themselves from potential third-party claims on the property. In United Community Bank and McDonough v. Prairie State Bank...
View ArticleMortgage Documents: ‘May’ equals ‘Shall’
In a recent decision by the U.S. Bankruptcy Court for the Central District of Illinois, the court held that mortgage documents are flawed when they fail to state the maturity date and interest rate of...
View ArticleMake Sure Deed Recorded Before The Mortgage
In re: Jeannine Victoria Heaver, No. 09-B-73096 (N.D. Ill. 2012), the U.S. Bankruptcy Court for the Northern District of Illinois held that a mortgage that is recorded before the deed to the mortgagor...
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