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7th Circuit
This case is a testament to the subprime crisis and illustrates how complex and devastating mortgage securitization and pooling was to ordinary homeowners; middle-class people faced with sudden and insurmountable mortgage debt. Sadly, this decision also illustrates just how hard it is to stand up to the holders of pooled mortgage loans.
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In this case from right in our neighborhood - Joliet, Illinois - the Bankruptcy Court and 7th Circuit agree that using the market value of property instead of its artificially low disposal price in a tax sale reflects the real intent of both Bankruptcy law and Illinois law. At the same time, both Courts agree...
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The “good faith” defense articulated in 11 U.S.C. 550(b)(1) applies as long as the transferee: (1) is an immediate or mediate transferee under §550(a)(2); (2) took the transfers for value; (3) took the transfers “in good faith;” and (4) took the transfers “without knowledge of the voidability of the transfer avoided.”
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The Attorney for Defendants in the District Court filed a lien on proceeds in a related State case and attempted to jump the line in terms of priority. When the District Court stopped him he sought relief in the 7th Circuit. The Appellate Court not only disagreed with his actions but actually sanctioned him for...
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Debtor Hospital filed an adversary complaint claiming that a prepetition government claim should be subject to the Automatic Stay. The Bankruptcy Court agreed citing 11 U.S.C. 362(a)(6). District Court reversed in part. The 7th Circuit Reversed again.
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The 7th Circuit points out that under Indiana law a buyer who has received non-conforming goods cannot sue the seller for negligent misrepresentation to avoid the Economic Loss Doctrine, which limits it to contract remedies for purely economic losses. There is no basis for transforming a breach of contract claim into a tort claim to...
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Despite the fact that "disadvantaged business" and a "disadvantaged individual" refers to women and minorities, an owner of any race or gender may seek a "waiver." Dunnet sought but was denied a waiver. As a result, Dunnet brought a discrimination suit claiming that the denial was a violation of its equal protection rights under the...
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In 2004 Miller sought to build a 4-unit condominium project on her lot in Monona, Wisconsin. The process stalled while Miller bought another lot, amended the plan, and abated an unexpected asbestos problem. Then her real problems began.
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Many small business owners find comfort and success capitalizing on a franchise. Franchisors use Non-Compete (“NCA”) and Non-Disclosure (“NDA”) clauses as well as mandatory arbitration provisions to protect themselves. But should such a provision be effective against a non-signing spouse? That was the question before a Wisconsin District Court in the recent 7th Circuit case...
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Priority disputes can be played out in Bankruptcy court. Take the case of In re Jones, in which Chapter 11 Debtors owned several pieces of property encumbered with mortgages cross-collateralized with other property of the Estate. That's when the trouble started...
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