A commercial guaranty dispute provides the background for the First District’s recent discussion of some signature litigation issues including the voluntary (versus compulsory) payment rule and how that impacts an appeal, the business records hearsay exception, and governing standards for the recovery of attorneys fees. The lender plaintiff in Northbrook Bank & Trust Co. v. …
Tag Archives: loan
Lender Lambasted for Loaning Funds to Judgment Debtor’s Related Business – IL Court
The issue on appeal in National Life Real Estate Holdings, LLC v. Scarlato, 2017 IL App (1st) 161943 was whether a judgment creditor could reach loan proceeds flowing from a lender to a judgment debtor’s associated business entity where the debtor himself lacked access to the proceeds. Answering “yes,” the Court considered some of Illinois …
Business Lender States Fraud Claim Versus Corporation But Not Civil Conspiracy One in Loan Default Case – IL 1st Dist.
When a corporate defendant and its key officers allegedly made a slew of verbal and written misstatements concerning the corporation’s financial health to encourage a business loan, the plaintiff lender filed fraud and civil conspiracy claims against various defendants. Ickert v. Cougar Package Designers, Inc., 2017 IL App (1st) 151975-U examines the level of specificity …