Q: Can A Court Stop An LLC That Pays the Monthly Mortgage of One of Its Members From Selling that Member’s Home Where A Charging Order Has Issued Against the LLC to Enforce a Money Judgment Against the LLC Member? A: Yes. Q2: How So? A2: By selling the member’s property and paying off the member’s mortgage with the sale proceeds, …
Tag Archives: judgment creditor
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 …
Joint Mortgage Debt Means No Tenancy By Entirety Protection for Homeowners
The Illinois First District recently affirmed a mortgage foreclosure summary judgment for a plaintiff mortgage lender in a case involving the protection given to tenancy by the entirety (TBE) property. In Marquette Bank v. Heartland Bank and Trust, 2015 IL App (1st) 142627, the main issue was whether a marital home was protected from foreclosure where it was …
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