The plaintiff mortgage lender in Summitbridge Credit Investments II, LLC v. Ahn, 2017 IL App (1st) 162480-U sued the husband and wife borrower defendants for breach of a mortgage loan on two commercial properties in Chicago Two days after the plaintiff obtained a $360K-plus default judgment, the defendants deeded a third commercial property they owned …
Tag Archives: real estate dispute
Six-year Delay in Asking For Earnest Money Back Too Long – IL Court Applies Laches Defense
Earlier this year, an Illinois appeal court examined the equitable defense of laches in an earnest money dispute between two contracting parties and former friends. Derived from an archaic French word – laschesse – meaning “dilatory,” laches applies where a plaintiff sits on his legal rights to the point where it’s unfair to make a defendant mount …
Condo Buyer’s Illness Not Enough to Make Closing ‘Impossible’ – IL First District
An Illinois appeals court recently followed case precedent and narrowly construed the impossibility of performance and commercial frustration defenses in a failed real estate deal. The parties in Ury v. DiBari, 2016 IL App (1st) 150277-U contracted for the sale and purchase of a (Chicago) Gold Coast condominium. The contract called for a $55K earnest money payment …
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