Paul Porvaznik – Business Litigator
Case Notes and Summaries of Recent Cases (State and Federal Courts – Illinois Focus)
Illinois’ First District provides an exhaustive analysis of liquidated damage principles in GK Development, Inc. v. Iowa Malls Financing Corporation, 2013 IL App (1st) 112802. Here are some useful bullets: In Illinois, contracting parties are free to pre-set damage amounts; but only at an amount that is reasonable in the light of the anticipated or actual loss caused …
Continue reading “Illinois Court Gives Liquidated Damages Tutorial in Shopping Center Spat”
Cross v. O’Heir, 2013 IL App (3d) 120760 spotlights a dispute over the division of partnership property. The plaintiff’s husband (who died before lawsuit was filed) entered a written partnership with the defendant to develop property. A few years later, and unbeknownst to plaintiff’s husband, the defendant signed a cross-easement agreement with some adjacent owners to provide vehicle and pedestrian access over three parcels …
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. …
Continue reading “Rescission Based On Mistake and Fraud: An IL Case Note”