Andersen Law LLC v. 3 Build Construction, LLC, 2019 IL App (1st) 181575-U, the subject of my most recent post, here , examines the nature and reach of Illinois’s Fraudulent Transfer Act, 740 ILCS 160/1 et seq. [“IFTA”] and the ‘continuation’ exception to the successor liability rule. The Plaintiffs’ IFTA claims were based on allegations that … Continue reading Business Expectancy Not A Transferrable ‘Asset’ Under IL Fraudulent Transfer Statute [Deconstructing Andersen Law LLC v. 3 Build Construction LLC]
The First District recently considered when the discovery rule can mitigate the harshness of a statute of limitations [the SOL] in a fraudulent transfer case. The plaintiffs in Andersen Law LLC v. 3 Build Construction, LLC, 2019 IL App (1st) 181575-U, a judgment creditor’s former counsel and her new law firm who secured a $200K … Continue reading Plaintiffs’ Are ‘SOL’ Based on IFTA’s SOLs
In Dixon v. GAA Classic Cars, LLC, 2019 IL App (1st) 182416, the trial court dismissed the Illinois plaintiff’s suit against a North Carolina car seller on the basis that Illinois lacked jurisdiction over the defendant. Reversing, the First District answered some important questions concerning the nature and reach of specific jurisdiction under the Illinois … Continue reading E-Mails, Phone Calls, and Web Activity Aimed at Extracting $ From IL Resident Passes Specific Jurisdiction Test – IL First Dist.
In Estate of Gerulis, 2020 IL App (3d) 180734, two siblings [Petitioners] sued their brother [Respondent] for allegedly looting their father’s [Decedent] estate to the tune of several hundred thousand dollars. Underlying Facts Shortly after moving to Illinois from Florida to live with Respondent [his eldest son], Decedent and Respondent opened multiple bank accounts and purchased … Continue reading Presumption of Fraud Involving [Power of Attorney] Agent Trumps General Rule of Joint Account Donative Intent – IL 2nd Dist.
The Northern District of Illinois considers a plethora of signature complex litigation issues in FW Associates, LLC v. WM Associates, LLC, 2019 WL 354953 (N.D.Ill. 2019), the culmination of a years’ long dispute between LLC members over ownership and management of Smart Bar – a company that made an automatic cocktail dispenser [the Smartender]. After … Continue reading Former LLC Member’s Claim for Distributions Not Tangible Enough to Undergird Conversion Claim – IL ND
As a general rule, spouses can transfer an unlimited amount of property to each other without paying tax on the transfer. The rule includes transfers made upon death. The so-called “unlimited marital deduction” delays taxation on the transfer of property until it is transferred out of the marital unit. The rule applies to US citizens … Continued
Listing your Chicago property on Airbnb may seem lucrative, but if you’re not careful, it can cost you. Homeowners who want to list their property must be careful to avoid penalties by paying attention to the restrictions in the Chicago Shared Housing Ordinance and their building’s governing documents. The restrictions are noted below, along with … Continued