The Seventh Circuit affirmed an almost $3M judgment against the defendants under fraudulent transfer, successor liability and alter ego rules in Center Point v. Halim, 2014 WL 697501. The plaintiff energy company entered into a written contract to supply natural gas to defendants’ 41 Chicago area rental properties. The individual defendants – a husband and wife – managed …
Category Archives: Creditor’s Rights
Partnership’s Incorporation Insulates Partners From Personal Contractual Liability
Today’s post features the case law equivalent of a Deep Cut. The Deep Cut – as musical buzz-phrase and phenomenon – appears to be gaining traction in the FM radio realm. The moniker denotes an obscure song from a well-known artist that’s not normally associated with the artist. For example, a Styx fan likely connects that …
Rescission Based On Mistake and Fraud: An IL Case Note
Blackhawk State Bank, Inc. v. Al’s Motorhome and Trailer Sales, Inc., 2013 IL App (2d) 130316-U (2013), illustrates in stark relief the perils of entering high-dollar “handshake” real estate contracts. The plaintiff bank sued to foreclose on farm land after a borrower (the “Seller”) defaulted on a multi-million dollar loan. The loan was used to fund the Seller’s mobile home business. …
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