Paul Porvaznik – Business Litigator
Case Notes and Summaries of Recent Cases (State and Federal Courts – Illinois Focus)
Professional Business Automation Technology, LLC v. Old Plank Trail Community Bank, 2014 IL App (3d) 130044-U presents a recent illustration of the Fiduciary Obligations Act, 760 ILCS 65/7 (the “Fiduciary Act”) – a statute that immunizes banks from liability to a corporate customer that gets fleeced by a high-ranking employees. The only exceptions are where the …
Continue reading “The IL Fiduciary Obligations Act: Added Protection Against Bank Liability”
DeSouza v. Tradelink, LLC, 2014 IL App (1st) 131456-U provides an excellent – though unpublished – primer on Illinois partnership law and contract interpretation rules. The case also illustrates the confusion that can result when parties to a business deal have several conflicting and parallel documents that govern a single transaction. Plaintiff entered into a …
Continue reading “Illinois Appeals Court Provides Partnership Primer”
Advocate Financial Group, LLC v. 5434 North Winthrop, 2015 IL App (2d) 150144 spotlights the “mere continuation” and fraud exceptions to the general rule of no successor liability – a successor corporation isn’t responsible for debts of predecessor – in a creditor’s efforts to collect a judgment from a business entity that is twice removed …
Continue reading “Corporate Successor Liability: Continuation and Fraud Exceptions (IL Law)”