When to Hire a Contract Lawyer?
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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
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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?
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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
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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
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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 […]