Fiduciary Duty Litigation
A fiduciary duty is an obligation that exists in a relationship in which one of the parties has the best interest when acting on the other party/es behalf. There are multiple types of fiduciary duties. Some examples can be the obligations between lawyers and clients; shareholders and directors; between business partners; and many others where […]
What Is an Accredited Investor?
230.501 Definition of Accredited Investor as used in Regulation D A section 501 accredited investor means someone that fits the criteria of Section 501’s definition of “accredited investor.” A legal term of art defined under Regulation D found in Section 5 of the Securities Act of 1933. An “accredited investor” means a person or legal […]
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 […]