A common cautionary tale recounted in 1L contracts classes involves the crafty debtor who secretly short-pays a creditor by noting “payment in full” on his check. According to the classic “gotcha” vignette, the debtor’s devious conduct forever bars the unwitting creditor from suing the debtor. Whether apocryphal or not (like the one about the newly …
Tag Archives: commercial litigation
Contractual Indemnity Clause May Apply to Direct Action in Bond Offering Snafu; No Joint-Work Copyright Protection for PPM – IL ND
The Plaintiff in UIRC-GSA Holdings, Inc. v. William Blair & Company, 2017 WL 3706625 (N.D.Ill. 2017), sued its investment banker for copyright infringement and professional negligence claiming the banker used the plaintiff’s protected intellectual property – private placement memoranda – to get business from other clients. The parties previously executed an engagement agreement (“Agreement”) which …
Family Trust Set Up in Good Faith Shields Family Member from Creditor – IL Case Note
In Hickory Point Bank & Trust v. Natual Concepts, Inc., 2017 IL App (3d) 160260, the appeals court affirmed a trial court’s denial of a judgment creditor’s motion to impose a judicial lien and order the turnover of trust assets. The corporate defendant defaulted on the loan that was guaranteed by corporate principals. Plaintiff entered …