The First District recently examined the nature of a limited liability company (LLC) member’s personal liability and the requirements for converting a general partnership to an LLC. In Daniel v. Ripoli, 2015 IL App (1st) 122607, a case with a labyrinthine fact pattern, an LLC member’s estate sued an accounting company LLC to recover distributions the estate …
Tag Archives: conversion
No Punitive Damages For Breach of Contract; Conversion of ‘Intangible’ Property = An Open Question – IL ND
Sometimes in breach of contract suits, I see clients (and attorneys, too!) let visceral considerations cloud their judgment. They let emotions factor into a litigation equation that should purely be about “dollars and cents.” What’s to an objective observer a simple monetary dispute, becomes a complex psychological event when a breach of contract plaintiff views the defendant’s breach as a personal affront – one calling …
The IL Fiduciary Obligations Act: Added Protection Against Bank Liability
Professional Business Automation Technology, LLC v. Old Plank Trail Community Bank, 2014 IL App (3d) 130044-U presents a recent illustration of the Fiduciary Obligations Act, 760 ILCS 65/7 (the “Fiduciary Act”) – a statute that immunizes banks from liability to a corporate customer that gets fleeced by a high-ranking employees. The only exceptions are where the …
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