Paul Porvaznik – Business Litigator
Case Notes and Summaries of Recent Cases (State and Federal Courts – Illinois Focus)
Heartland Bank v. Goers, 2013 IL App (3d) 12084-U illustrates the procedural and substantive hurdles a creditor’s counsel must clear to enforce a judgment against a guarantor who transfers his personal assets into a trust. The plaintiff bank in sued the defendant for breach of a commercial guarantee after defendant’s company defaulted on a $650,000 loan. The bank obtained …
Continue reading “The Illinois Fraudulent Transfer Act – An Illinois Case Note”
Downs v. Rosenthal, 2013 IL App (1st) 121406, features an in-depth analysis of the difference between corporate vs. individual liability, the nature of post-judgment proceedings, and appellate procedure. Facts Plaintiff sued defendant LLC and its individual members (the Members) for breach of fiduciary duty, breach of contract and a declaratory judgment that plaintiff was a 2.5% stakeholder in the LLC. The trial …
Continue reading “LLC Members Not Liable On Void Judgment Entered Against LLC”
Sometimes it’s difficult to determine who the contracting parties are. A common example is where the contract text names the parties are two corporations but it’s signed by an individual. Or, the contract signer clearly notes his corporate affiliation (by stating his job title) next to his signature, but the body of the contract states that …