I’ve seen no hard data to support this but it seems that piercing the corporate veil – as a concept – has seeped into the cultural lexicon and consciousness. I say this because many people – lawyers and nonlawyers alike – appear to have at least a nodding acquaintance with piercing. Over and over I hear some …
Tag Archives: Rocco
Mechanics Lien Trumps Prior Mortgage in ‘Lien Strip’ Bankruptcy Dispute Involving Residential Property
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 …
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 …