Priority disputes happen a lot in mechanics’ lien litigation. Typically, a mortgage lender claims that its first-filed mortgage trumps a later-filed mechanics lien. The “trumps” part is activated if and when the property is sold and there aren’t enough proceeds to pay both the lender and contractor. If the lender’s mortgage has priority, it gets first dibs on the sale proceeds, leaving the …
Tag Archives: LLC
Illinois Guaranty Law: Increasing Guarantor’ Risk or Changing the Terms = Discharged Guaranty
In Southern Wine and Spirits of Illinois, Inc. v. Steiner, 2014 IL App (1st) 123435, the First District outlined and applied the rules governing the interpretation and enforcement of written guaranty agreements in Illinois. The plaintiff wine distributor purchased the assets of another distributor that had previously entered into a contract with a liquor store company; a contract personally guaranteed by the …
Condo Association Sues Developer Based on False Statements In Sales Brochure and For Anemic Repair Reserves
In Henderson Square Condominium Association v. LAB Townhomes, LLC, 2014 IL App (1st) 130764, a condominium association sued the developer and contractor after unit owners discovered wide-ranging property defects in their units. (For Chicago readers: the project is near that nightmarish, multi-cornered Belmont-Lincoln-Ashland intersection on the North side). The property’s construction was completed in 1996, the unit …