Alerts

Post-Judgment Implementation of the Alter Ego Doctrine

June 26, 2015      |      David S. Brown, Esq.   

Frequently, in the course of post-judgment collections, creditors run across debtors who operate closely held corporations or limited liability companies. While most of these entities sufficiently put assets out of the reach of creditors, some are clearly nothing more than sham businesses, created to defraud creditors. In these cases, the United States Court of Appeals for the Sixth Circuit has outlined an avenue of collection through the alter ego doctrine....

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Post-Judgment Implementation of the Alter Ego Doctrine

June 26, 2015      |      David S. Brown, Esq.   

Frequently, in the course of post-judgment collections, creditors run across debtors who operate closely held corporations or limited liability companies. While most of these entities sufficiently put assets out of the reach of creditors, some are clearly nothing more than sham businesses, created to defraud creditors. In these cases, the United States Court of Appeals for the Sixth Circuit has outlined an avenue of collection through the alter ego doctrine....

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The Mortgagor Has a Right to Possession of the Property During an Illinois Mortgage Foreclosure

June 18, 2015      |      Casey B. Hicks, Esq.   

In residential real estate foreclosure actions, the presumptive right to possession during foreclosure rests with the mortgagor of the real estate. Mellon Bank, N.A. v. Midwest Bank & Trust Co., 265 Ill.App. 3d 859, 638 N.E.2d 640, 202 Ill.Dec. 772 (1st. Dist. 1993). A mortgagee can overcome this presumption only if it (1) objects and shows good cause, (2) has authority pursuant to the terms of the mortgage or other written instrument, and (3) the court is satisfied that there is a reasonable probability that the mortgagee will prevail at a final hearing. 735 ILCS 5/15-1701(b)(1)....

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Junior Unsecured Mortgages Receive Protection from the Supreme Court

June 02, 2015      |      Scott D. Fink, Esq.   

In a decision handed down yesterday by the U.S. Supreme Court, wholly unsecured junior mortgages may not be stripped due to a lack of equity in Chapter 7 bankruptcy proceedings. The ruling came in the case of Bank of America vs. Caulkett....

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The Case of the Missing Promissory Note: How can a Mortgage Lender Enforce a Lost Note in Ohio?

May 27, 2015      |      Benjamin N. Hoen, Esq.   

Standing has recently become a foreclosure buzzword. The Ohio Supreme Court weighed in extensively on the topic and determined that a lender must establish an interest in the note or mortgage at the time it filed suit. To prove standing in a foreclosure action, a plaintiff generally must show that it held the note and the mortgage prior to filing the complaint. Failure to establish standing is also fatal to the lender's foreclosure action....

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Recent Indiana Laws that May Impact Creditors' Legal Collections

May 21, 2015      |      Thomas R. Kendall, Esq.   

Effective July 1, 2015, Indiana recently enacted two laws that may impact a creditor's legal collection strategy within the state....

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