Peetom v. Swanson, 334 Ill.App.3d 523 (2nd. Dist. 2002) provides a dated yet instructive recitation of the statute of limitations standards that govern corporate veil piercing actions in Illinois. The case’s relevant chronology includes: (1) Plaintiff filed a negligence action in 1995 against a corporate defendant for injuries plaintiff suffered in 1993, (2) In May 1997 – the corporate defendant …
Category Archives: Creditor’s Rights
Debtor’s (Non-Spousal) Inherited IRA Not Exempt from Civil Judgment – IL First District Rules
Case: In re Marriage of Xenakis, 2015 IL App (1st) 141297 Fact Snapshot: The judgment debtor successfully moved to discharge citations issued to the custodian of an individual retirement account (IRA) he inherited from his deceased mother. The judgment creditor appealed, arguing that the IRA wasn’t properly exempt from the judgment’s reach. Result: The First District …
The (Ruthless?) Illinois Credit Agreements Act
The Illinois Credit Agreements Act, 815 ILCS 160/1, et seq. (the “ICAA”) and its requirement that credit agreements be in writing and signed by both creditor and debtor, recently doomed a borrower’s counterclaim in a multi-million dollar loan default case. The plaintiff in Contractors Lien Services, Inc. v. The Kedzie Project, LLC, 2015 IL App (1st) 130617-U, sued …
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