The Statute: The Illinois Mechanics’ Lien Act, 770 ILCS 60/1 et seq. Purpose: to provide a remedy to a contractor who provides valuable improvements to real estate by allowing him to lien the property (place a hold on the property to secure payment). Once the lien is in place (or perfected), the lien clouds the property’s title and …
Tag Archives: LLC
Collecting Your Illinois Judgment Part II: the Citation Order
Per my earlier post – neophyte collection lawyers often wonder what they should put in the order once the citation examination concludes. Section 2-1402(c) sets forth several possible orders that can enter. The Citation Respondent Appeared and Answered Broadly, if the debtor appears and you conduct the examination, you can either dismiss or discharge the …
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Corporate Successor Liability in Illinois: the Rule and Exceptions
Corporate successor liability’s focal point is whether a purchasing corporation (Company 2) is responsible for the purchased corporation’s (Company 1) pre-sale contract obligations. It’s an important question because the Company 1 will usually have no assets after the purchase. Creditors of Company 1 will then try to pin liability on Company 2. The general rule in Illinois …
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