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Search OptionsSecured LenderIllinois Eviction Moratorium: Relief Extended to Non-Residential Tenants
On April 23, 2020, Illinois Governor J.B. Pritzker signed Executive Order 2020-30 (“Order”), which, among other things, extended relief previously provided by Executive Order 2020-10 prohibiting law enforcement from enforcing eviction orders for residential properties, and broadened this relief to… COVID-19 and Supplemental Proceedings: Illinois Supreme Court Provides Guidance
On April 24, 2020, the Supreme Court of Illinois issued an emergency order (“Order”) concerning post-judgment proceedings against consumers. [1] The Order was entered to complement Governor J.B. Pritzker’s Executive Order 2020-25, which suspended the service of wage garnishment and deduction… COVID-19 and the Mortgage Industry: Embracing the Virus on the Legislative and Regulatory Front
The Coronavirus Aid, Relief and Economic Security Act, S. 3548 (“CARES Act”), was signed by the President on March 27, 2020. Grappling with the wide array of industries impacted by the CARES Act, and COVID-19, can be overwhelming. This holds true particularly for anyone in a consumer-facing… Indiana Supreme Court Orders Partial Protection of CARES Act Recovery Rebates Payments
In a procedurally-unusual order issued April 20, 2020, the Indiana Supreme Court exercised its emergency rule-making authority to order that all Indiana trial courts “shall issue no new orders placing a hold on, attaching, or garnishing funds in a judgment-debtor’s account in a depository… Federal Reserve Announces the Main Street Lending Program
On April 9, 2020, the Board of Governors of the Federal Reserve Bank (the “Fed”) announced preliminary details of two new loan programs that have aggregate funding of $600 billion, offered as part of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). They are called the Main… Important Updates On PPP Loans - Recent SBA Guidance
This week the Small Business Administration (SBA) released guidance on two important topics of the Paycheck Protection Program: acceptable form of promissory note and required funding periods. The SBA and Treasury Department provided guidance through their Frequently Asked Questions (FAQs) regarding… Indiana Expedites Implementation of Remote Notary Statute - Part I
In response to social distancing mandates, the Indiana Secretary of State has expedited the implementation of Indiana’s previously adopted remote notarial act statute. The statute would not have become effective until July 1, 2020 but is now effective March 31, 2020. Active Indiana notaries may… The CARES Act: Creditors' Rights & Bankruptcy
On March 25, 2020, the United States Senate – and on March 27, 2020, the United States House of Representatives – passed the “Coronavirus Aid, Relief and Economic Security Act” (“CARES Act”) to provide relief to small businesses and consumers harmed by the COVID-19 pandemic. The CARES Act is… Indiana Court of Appeals Expands De Facto Merger Exception to the General Rule Regarding Corporate Liability for Debts
On March 2, 2020, in New Nello Operating Co., LLC v. CompressAir, the Indiana Court of Appeals expanded the so-called “de facto merger” exception to the general rule that when one corporation purchases the assets of another, the buyer does not assume the debts and liabilities of the seller, holding… Seventh Circuit Confirms that the Bankruptcy Code Expressly Subordinates a Seller's Reclamation Claim to the Prior Rights of a Secured Creditor
In Whirlpool Corp. v. Wells Fargo Bank, National Association (In re hhgregg, Inc.), (7th Cir. Feb. 11. 2020), the United States Court of Appeals for the Seventh Circuit held that the current enactment of the United States Bankruptcy Code (the “Bankruptcy Code”), specifically 11 U.S.C. §546(c),… Indiana Supreme Court Rejects Imposition of “Rule of Reasonableness” on the Statutes of Limitations Applicable to a Lender's Pursuit of a Defaulted Mortgage Installment Promissory Note
In a pair of decisions issued February 17, 2020, the Indiana Supreme Court ruled in favor of lenders in issuing guidance regarding the statutes of limitations applicable to a lender’s pursuit of a defaulted promissory note and a defaulted mortgage. In Blair v. EMC Mortgage, LLC, the Indiana Supreme… Seventh Circuit Confirms That Under Illinois Law, Reference in Financing Statement to Parties' Security Agreement is Sufficient to Perfect Secured Creditor's Lien on Debtor's Collateral Described in Security Agreement
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