Articles on commercial banking | Illinois State Bar Association

Signed sales receipt can document purchase money security interest By Jeffrey D. Cavanaugh Commercial Banking, Collections, and Bankruptcy, November 2001 An Illinois Appellate Court recently determined that a credit card sales receipt signed by the borrower can adequately document a purchase money security interest in the goods purchased.

View from the chair By Gary T. Rafool Commercial Banking, Collections, and Bankruptcy, November 2001 The second meeting of our Section Council was held on Saturday, August 18, at the Par-A-Dice Casino Hotel in East Peoria.

Alternative dispute resolution in bankruptcy By Erwin I. Katz Commercial Banking, Collections, and Bankruptcy, July 2001 The use of alternative dispute resolution (ADR), once unknown in the bankruptcy context, has increased exponentially over the past 10 years.

Brush up your Latin—“nemo dat qui non habet” By Janice M. Powell Commercial Banking, Collections, and Bankruptcy, July 2001 The Tenth Circuit Court of Appeals has just reminded practitioners that we remain a country of common law and that includes long cherished principles expressed in Latin.

Collecting on judgments is not for the feeble at heart By Maureseta T. Hawkins Commercial Banking, Collections, and Bankruptcy, July 2001 After ten years of chasing behind a debtor, a former estate attorney, to collect on judgments which were awarded based on his misappropriation of estate assets, relief was finally awarded by the Illinois Appellate Court after this debtor managed to evade and wear out the original creditors who subsequently sold the judgments to the plaintiff in this case.

Foreclosure defenses By James E. Buchmiller Commercial Banking, Collections, and Bankruptcy, July 2001 Sometimes there is an inclination to assume that if the basic note and mortgage are properly executed that there is no real defense to a real estate foreclosure.

View from the chair By Gary T. Rafool Commercial Banking, Collections, and Bankruptcy, July 2001 This is a new feature for our newsletter which will be written by me as chair of the section council during the coming year.

“Mortgagee in possession”—watch your language Commercial Banking, Collections, and Bankruptcy, April 2001 Prepared forms do not always have necessary language.

SBA reauthorization and budget for FY 2001 By Lewis F. Matuszewich Commercial Banking, Collections, and Bankruptcy, April 2001 New legislation signed into law just before year-end provides a near-historic level of funding support for U.S. Small Business Administration (SBA) programs, and authorizes a New Markets Venture Capital program to invest in small businesses in low-income areas.

Seventh circuit affirms that banks have no duty to disclose existence of check kiting scheme By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, April 2001 The Seventh Circuit Court of Appeals recently affirmed a Central Illinois District Court grant of summary judgment by following the majority rule that subject to four exceptions, "a bank has no good faith obligation to disclose a suspected kite or to refrain from attempting to shift the kite loss.

Bank counsel and the Bank Secrecy Act By Bradley W. Small Commercial Banking, Collections, and Bankruptcy, January 2001 As president of a national bank and an attorney, I recently received a phone call from the Office of the Comptroller of the Currency (OCC) concerning my bank's compliance with the Bank Secrecy Act (BSA).

Calling all government attorneys Commercial Banking, Collections, and Bankruptcy, January 2001 The ISBA's Standing Committee on Government Lawyers wants to include you in its constituency.

Does a chapter 7 debtor have an absolute right to convert to another chapter? By Jeffrey D. Richardson Commercial Banking, Collections, and Bankruptcy, January 2001 Section 706 of the Bankruptcy Code provides that a chapter 7 debtor "may convert a case under this chapter to a case under chapter 11, 12 or 13 of this title at any time, if the case has not been converted" from another chapter previously. 11 U.S.C. sec. 706(a).

Revised Article 9 and the growth of structured financing By Kristin Mihelic Commercial Banking, Collections, and Bankruptcy, January 2001 Securitization is an underutilized resource for smaller companies seeking low cost funding.

Amendments to the bankruptcy rules to become effective December 1, 2000 unless Congress acts By Wesley H. Avery Commercial Banking, Collections, and Bankruptcy, November 2000 On April 17 the U.S. Supreme Court issued proposed amendments to the Federal Rules of Bankruptcy Procedure and ordered that they be transmitted to Congress.

Consumer “cross-collateralization” clauses held enforceable by the U.S. Fifth Circuit By Joseph P. Chamley Commercial Banking, Collections, and Bankruptcy, November 2000 The United States Court of Appeals for the Fifth Circuit has ruled that a "cross-collateralization for future advances" clause in a consumer transaction is enforceable.

Commercial loan not permissible purpose for credit report By Sandra M. Traicoff Commercial Banking, Collections, and Bankruptcy, October 2000 The Federal Trade Commission ("FTC") recently issued a staff interpretative opinion letter that concludes there is no permissible purpose under the Fair Credit Reporting Act ("FCRA") for a business lender to obtain a consumer report on an individual who is a principal, owner or officer of a business loan applicant or who signs a personal guarantee in connection with a business loan

Two approaches to actions for breach of the implied covenant of good faith and fair dealing: where are we going? By Kristin Mihelic Commercial Banking, Collections, and Bankruptcy, October 2000 The implied covenant of good faith and fair dealing (implied covenant) is present in every contract entered into in Illinois

Selected issues in oil and gas bankruptcy cases By David W. Elmquist Commercial Banking, Collections, and Bankruptcy, August 2000 Following the downturn in the oil and gas industry and the bankruptcy cases filed in the late 1980's, there have been only a few bankruptcy decisions and statutory amendments to the Bankruptcy Code which have addressed oil and gas issues

Community Reinvestment Act By Lewis F. Matuszewich & Benjamin P. Shapiro Commercial Banking, Collections, and Bankruptcy, July 2000 The Financial Modernization Act ("FMA") was signed into law in November, 1999.

Adoption of UCC revised Article 9 in Illinois By Robert T. Bruegge & Stephen Olson Commercial Banking, Collections, and Bankruptcy, April 2000 The National Conference of Commissioners on Uniform State Laws ("NCCUSL") and the American Law Institute have been working for many years on a rewrite to Article 9 of the Uniform Commercial Code.

Coming attractions: In re Hen House Interstate, Inc. Supreme Court grants certiorari By Timothy J. Howard Commercial Banking, Collections, and Bankruptcy, March 2000 On November 8, 1999, the United States Supreme Court granted certiorari of the en banc decision of the Eighth Circuit Court of Appeals in Hartford Underwriters Ins. Co. v. Magna Bank, N.A. (In re Hen House Interstate, Inc. ) 177 F. 3d 719 (8th Cir. 1999) cert. granted, 120 S. Ct. 444 (1999).

Ex-Im bank: Access to trade finance By Paul Dubrin Commercial Banking, Collections, and Bankruptcy, October 1999 Exporting is a fundamental part of doing business for growing numbers of U.S. companies.

Individual held personally liable for corporation’s failing to comply with statutory formalities By Loren R. Stone & A. Jay Goldstein Commercial Banking, Collections, and Bankruptcy, October 1999 In a recent decision, the Illinois Appellate Court has held that a corporation's failure to comply with filing requirements of the Business Corporation Act regarding the adoption and use of assumed names, will subject an individual to personal liability for breach of contract.

Credit card balance transfers: The new preference in town By Gary T. Rafool Commercial Banking, Collections, and Bankruptcy, April 1999 Along with the expansion in the number of credit cards issued, and the competition for customers, credit card issuers have in recent years begun encouraging card holders to transfer the balances from other credit cards to the issuer's card.

SBA 504: The expansion program By Karen Lennon & Lewis F. Matuszewich Commercial Banking, Collections, and Bankruptcy, April 1999 In the Chicago area, the SBA 504 loan program is the fastest growing financing option for expanding businesses.

Enforceability of loan documents executed by a dissolved corporation By Karen A. White Commercial Banking, Collections, and Bankruptcy, January 1999 While certainly many, if not all, lenders have set procedures to follow when lending money to a corporation which includes obtaining a Certificate of Good Standing, what happens if the procedure is not followed and a loan is given to a dissolved corporation?

Select a Different Subject