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Katten Muchin Rosenman LLP | USA | 15 Jan 2016

New tool for Illinois property owners and lenders to remove mechanics liens

A recent amendment to the Illinois Mechanics Lien Act that permits owners, lenders and other lien claimants to substitute a bond in lieu of the real property itself is a powerful new tool for selling or refinancing a property that is subject to a disputed mechanics lien claim. However, a 175% bond requirement and concerns over accruing interest and attorneys' fee provisions will likely make......
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Ropes & Gray LLP | USA | 15 Apr 2015

Illinois court affirms single-bidder sale may satisfy Revlon duties

An Illinois state court recently held that directors of Motorola Mobility's board did not violate their fiduciary duties to stockholders in selling the company to Google in a single-bidder sale process. The Illinois court applied and interpreted Delaware law, and the decision affirmed a basic principle of Delaware case law that there is no single, mandated way to conduct a sale process.
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Katten Muchin Rosenman LLP | USA | 10 Jun 2013

Illinois contractors improve priority rights over mortgage lenders

Illinois law was already more favourable to contractors and subcontractors than that of most other states, but the Illinois legislature recently gave them a greater edge against lenders in failed construction projects. Contractors which are unpaid on a project now have priority on the value of the entire improvement – even the value paid for by the lender – and are not limited to the value......
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Katten Muchin Rosenman LLP | USA | 3 May 2013

Legislature and court clarify Illinois mortgage law

The US District Court for the Central District of Illinois recently overturned a Bankruptcy Court decision, providing real estate mortgage lenders with certainty that a mortgage encumbering Illinois real estate need not explicitly state the interest rate and the maturity date on its face in order to provide constructive notice under Illinois law. A statutory amendment has since been made to......
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Katten Muchin Rosenman LLP | USA | 6 Aug 2010

Illinois appeal courts affirm mortgagee's right to appointment of a receiver

Two recent decisions confirm that under Illinois law, a mortgagee has the right to be placed in possession of a mortgage property prior to entry of a judgment of foreclosure where it can show that the mortgage authorises possession and is likely to prevail on a final hearing, and that the mortgagor has not established any good cause to remain in possession of the property.
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