My colleagues Scott Smith, David Eisenberg, and I just published a short article about the Illinois Supreme Court’s controversial LaSalle Bank, N.A. v. Cypress Creek 1, LP decision. It focuses on three things:
- A summary of who was involved, what their respective stakes were, the positions they took, and how the Justices reacted to them to decide the case
- How this decision affects construction industry stakeholders, particularly construction lenders and anyone who may claim a mechanics lien (e.g., prime contractors, subcontractors, material and equipment suppliers, architects, engineers, and other design professionals)
- Initiatives in the Illinois General Assembly to amend the Mechanics Lien Act to change the results in future cases
And it’s a wrap-up on Construction Law Today coverage that started back here: Mechanics Lien Priority: Contractor vs. Lender – Part 1. Click this link to navigate on to our article.
Also in the same Litigation & Counseling Alert, some of our other colleagues also wrote these companion articles that may interest you too:
- Insurance and Due Diligence in the Business Transaction
- Can a Forbearance Agreement Actually Help a Lender Collect from Its Debtor?