Secured Trans Lasalle Bank, N Essay

Pages: 2 (630 words)  ·  Bibliography Sources: 4  ·  File: .docx  ·  Level: College Senior  ·  Topic: Economics

SAMPLE EXCERPT . . .
, 2011; WestLaw, 2011). The property was actually repurchased by the lender, LaSalle Bank, from a sheriff's sale, leading to an even more complex case and where a decision had to be made regarding the cash from the sale -- the lender put this cash up and stood to collect some or all of it as partial payment on the mortgage, yet the contractors were also entitled to a substantial portion of the sale proceeds for the money still owed on material and labor (Glazov et al., 2011; WestLaw, 2011). A decision under Uniform Commercial Code Article 9 was rendered but appealed, and the resulting Illinois Supreme Court ruling led to the establishment of a rather novel yet highly equitable outcome and precedent (Glazov et al., 2011; WestLaw, 2011).

The Illinois Supreme Court ultimately determined that two separate pools of value exist, one for the land and one for the improvements or construction (Glazov, et al., 2011). The lender was the only claimant at the land pool, which was valued at sixty percent of the proceeds, and the contractors and lender were equal claimants at the pool for the construction due to the fact that the borrowed money had been used to pay the contractors (Glazov, et al., 2011). Allocations of money were based on percentages of value added and this hierarchy/balance of interests (Glazov et al., 2011; WestLaw, 2011).

References

Cornell. (2012). Uniform Commercial Code, Article 9. Accessed 4 March 2012. http://www.law.cornell.edu/ucc/9/overview.html

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Glazov, J., Smith, S. & Eisenberg, D. (2011). Construction Lenders Prevail in Controversial Illinois Mechanics Lien Priority Case. Accessed 4 March 2012. http://www.natlawreview.com/article/construction-lenders-prevail-controversial-illinois-mechanics-lien-priority-case

Essay on Secured Trans Lasalle Bank, N.A. Assignment

WestLaw. (2011). LaSalle Bank, N.A. v. Cypress Creek 1, LP.…
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