When a deal to sell two industrial buildings collapsed, the would-be buyer sued to recover his $10K earnest money deposit. The seller, thinking the buyer was to blame for the aborted contract, countersued for $300K – the difference between the sale price plaintiff was supposed to pay and for what the seller ultimately sold the …
Author Archives: PaulP
Five-Year Limitations Period to Sue Dissolved Corporation Applies to Piercing Corporate Veil Suit – IL Court
Peetom v. Swanson, 334 Ill.App.3d 523 (2nd. Dist. 2002) provides a dated yet instructive recitation of the statute of limitations standards that govern corporate veil piercing actions in Illinois. The case’s relevant chronology includes: (1) Plaintiff filed a negligence action in 1995 against a corporate defendant for injuries plaintiff suffered in 1993, (2) In May 1997 – the corporate defendant …
Debtor’s (Non-Spousal) Inherited IRA Not Exempt from Civil Judgment – IL First District Rules
Case: In re Marriage of Xenakis, 2015 IL App (1st) 141297 Fact Snapshot: The judgment debtor successfully moved to discharge citations issued to the custodian of an individual retirement account (IRA) he inherited from his deceased mother. The judgment creditor appealed, arguing that the IRA wasn’t properly exempt from the judgment’s reach. Result: The First District …