Paul Porvaznik – Business Litigator
Case Notes and Summaries of Recent Cases (State and Federal Courts – Illinois Focus)
Downs v. Rosenthal, 2013 IL App (1st) 121406, features an in-depth analysis of the difference between corporate vs. individual liability, the nature of post-judgment proceedings, and appellate procedure. Facts Plaintiff sued defendant LLC and its individual members (the Members) for breach of fiduciary duty, breach of contract and a declaratory judgment that plaintiff was a 2.5% stakeholder in the LLC. The trial …
Continue reading “LLC Members Not Liable On Void Judgment Entered Against LLC”
Banks and their commercial customers often enter loan agreements which give the bank the right to set-off or “swipe” the customer’s account if the customer defaults on a loan. The boilerplate loan documents will typically list as a default event, a judgment creditor of the customer attempting to attach the account funds. The loan and security agreement will also give …
Yes. Oral contracts are enforceable. The main exceptions are contracts governed by the Statute of Frauds (SOF), which requires certain contracts to be in writing. See 740 ILCS 80/1, 2; 810 ILCS 5/2-201. The Illinois Credit Agreements Act (ICA) also requires certain agreements to lend money in a commercial setting be in writing. 815 ILCS 160/1 et seq. I still use …
Continue reading “Oral Contracts in Illinois – Are they Enforceable?”