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Construction Mortgage Foreclosure Does Not Wipe Out Reciprocal Easement Agreement Rights: Bank of America v. Cannonball

Posted in Construction Finance and Insolvency, Illinois, Mechanics Liens, States, Uncategorized

A foreclosing construction lender recently tried to wipe out liens securing debt under a shopping center cross-use and easement agreement. The Illinois Appellate Court denied that attempt. The decision: Bank of America v. Cannonball LLC. Backstory It starts with a new shopping center with a Home Depot, a Kohl’s, and a Target. The local village… Continue Reading

No Setoff for FDIC Contract Repudiation Damages Under Placida v. FDIC

Posted in Attorneys Fees and Costs, FDIC & Bank Failures, Florida, States, Uncategorized

When a bank fails and the FDIC repudiates a construction loan—ending further “draws” or disbursements—the borrowers can’t setoff damages they suffer because of repudiation to reduce the amount of debt they owe under the loan. That’s what a panel of judges from the US Court of Appeals for the 11th Circuit decided in Placida v…. Continue Reading

Construction Contract Requires Written Invoice Before Owner Must Pay Contractor: Kasinecz v. Duffy

Posted in Completion, Illinois, Mechanics Liens, States, Uncategorized

A panel of Illinois Appellate Court justices recently reminded contractors: if you want to get paid, comply with your contract. That reminder—along with some other interesting things to remember—comes in this decision: Kasinecz v. Duffy (PDF). Kasinecz v. Duffy Backstory Kasinecz v. Duffy starts as an owner and prime contractor contract to renovate a building…. Continue Reading

Arbitration: Supreme Court Reaffirms It’s Mandatory For State Law Claims Under Federal Arbitration Act

Posted in Alternative Dispute Resolution, Arbitration, Oklahoma, States, Uncategorized

The US Supreme Court just issued another decision reaffirming that the Federal Arbitration Act compels state—as well as federal—courts to recognize and enforce contractual arbitration provisions, even when the focus of the litigants’ dispute is violation of state law. The decision: Nitro-Lift v. Eddie Lee.