Illinois Supreme Court Decides Mortgage vs. Mechanics Liens: LaSalle Bank, N.A. v. Cypress Creek 1, LP

Posted on February 25, 2011 by Joshua Glazov

Judge Standing at Bench Holding GavelLaSalle Bank, N.A. v. Cypress Creek 1, LP Decision from Illinois Supreme Court

In past posts we've been following this case as it wound its way through the Illinois judiciary up the the Illinois Supreme Court.  This morning, the Supreme Court issued this decision (PDF).  The Justices decided that a lender gets priority to the extent their loan proceeds paid for property improvement, regardless of whether the contractors paid with those proceeds timely, or properly, perfected mechanics liens. 

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