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Recent Blog Posts

Employing the Confession of Judgment in Illinois

Confession-of-judgment clauses let creditors circumvent the normal judicial process and obtain a judgment. Promissory notes, guaranties and other contracts may include them.  By signing a contract containing such a clause, a debtor agrees to the judgment amount and forfeits his or her right to dispute the claim, without a trial or notice. The creditor can […]

When Should I Use an Out-of-Jurisdiction Lawyer?

Federalism presents numerous positive aspects. But if you’re an attorney who must reach across state lines to resolve a case, our federal system does not exactly roll out the welcome mat. If you’re not licensed to practice law in another state, you can seek temporary admission, i.e. pro hac vice, but the requirements are often […]

How Attorneys Collect Court Judgments Across State Lines

After fighting for years to win a judgment, many attorneys find themselves facing a second — and equally difficult — fight to collect the judgment. That difficulty increases when the judgment issues in one state, say California, but the defendant’s major assets reside in another state, such as Illinois. Here are the basic steps the […]

Unwinding Fraudulent “Estate Planning” Transfers

The lack of reasonably equivalent value in return for the transfer of an asset common indicates that a fraudulent transfer has occurred. However, estate planning commonly involves transfers of significant assets to trusts or to loved ones without reciving any value in return, other than the transferor’s satisfaction from sharing his/her life’s wealth with loved […]

Freeze-Out Tactics: The Reverse Stock Split

Freeze-Out Tactics: The Reverse Stock Split Majority shareholders use various time-tested methods to freeze out minority shareholders. One such these tactic is the reverse stock split. It works like this: The Board of Directors, acting within the company bylaws, votes to issue single shares of stock to replace some multiple outstanding shares, such as one-for-five […]

ESI Discovery Issues in Business Litigation

Electronically stored information (ESI) has revolutionized the business world. Unfortunately, the law has not entirely caught up. One vexing problem involving ESI occurs in litigation involving breaches of fiduciary duty and business oppression. Minority owners in corporations, LLCs and partnerships have limited statutory rights to view records, and as litigants, have the right of discovery. […]

Resetting the Statute of Limitations for Breach of Fiduciary Duty?

Generally speaking, a “fiduciary” relationship occurs where one person holds or manages assets for another’s benefit.  Typical fiduciaries include trustees, managers and corporate officers, all of whom owe “fiduciary duties” to act in the best interests of their principals. Under Illinois law, the beneficiary of a fiduciary duty has a limited time to sue a […]

Injunctive Relief for Anticipatory Breach of Contract in the Wrigley Rooftops Lawsuit

Most contract litigation occurs after a breach, when the harm has already occurred. In such cases, the remedy can include monetary damages for losses and equitable relief to prevent future losses. However, a party who anticipates the other party to breach their agreement may file a pre-emptive lawsuit to seek a court order to prevent […]

When Should Commercial Litigation Go to Federal Court?

Commercial litigants need a litigation strategy before filing suit. Part of that strategy involves targeting the proper court to hear your claim. Often referred to as “forum selection,” this aspect of litigation requires examination of the pros and cons of state versus federal court, evaluating which court gives you the greatest advantage (or the least […]

Important New Collection Case

On November 5, 2014, the Illinois Appellate Court, First District, preliminarily released its opinion in Wells Fargo Bank Minnesota, NA v. Envirobusiness, Inc., 2014 IL App (1st) 133575, which provides important guidance on several aspects of collection law under §2-1402 of Illinois’ Code of Civil Procedure (“Code”).  In particular, we find the following excerpts from […]