When to Hire a Contract Lawyer?
What is a contract attorney? A contract lawyer is a lawyer who specializes in providing assistance with business contracts. A contract lawyer can help you negotiate and draft contracts, review existing contracts, and advise you on legal issues related to your contract. What is a contract? Legal contracts are binding agreement between two or more […]
Justifiable or Reasonable Reliance Under Section 523 of the Bankruptcy Code
Was your reliance justifiable or reasonable when lending money to a dishonest debtor that. later ends up in bankruptcy. Collateral Base Attorney Tom Howard recently helped our client win a $1.8 million dollar verdict in a bankruptcy case out of the Central District of Illinois. The case, liura v. Brady (In re Brady), concerned several […]
How Do You Perfect a Security Interest in Agriculture?
A “security agreement” is defined by the Uniform Commercial Code (UCC) as “an agreement that creates or provides for a security interest.” 810 ILCS 5/9-102(a)(74). A security agreement is “effective according to its terms between the parties, against purchasers of the collateral, and against creditors.” 810 ILCS 5/9-201(a). Or, put simply, a security agreement gives […]
Commercial Mortgages
Commercial Mortgage Foreclosure The main collateral for many people and businesses is the real estate it owns. A commercial mortgage is a grant of a security interest on a parcel of the business’ real estate. Commercial mortgages allow for greater rights for the bank as compared to residential mortgages, which have greater consumer protections at […]
Uniform Fraudulent Transfer Act
Effective January 1, 1990, Illinois adopted the Uniform Fraudulent Transfer Act. “The purpose of the Uniform Fraudulent Transfer Act is to prevent fraudulent transfers of property by a debtor who intends to defraud creditors by placing assets beyond their reach.” Zurich American Insurance Co. v. Personnel Staffing Group, LLC, 2018 IL App (1st) 172281, ¶18, 105 N.E.3d […]
