• Skip to primary navigation
  • Skip to main content
McKenna Storer

McKenna Storer

AV Rated Chicago Law Firm

  • Home
  • Insurance
    • Insurance Defense
    • Toxic Tort and Mass Tort Litigation
    • Construction Law
    • Commercial Transportation Law
    • Insurance Coverage
    • Malpractice Defense
    • Medical Malpractice
    • Legal Malpractice
    • Appellate Practice
  • Business
    • Corporate Law & Commercial Litigation
    • Litigation Defense
    • Bankruptcy Creditors
    • Commercial Real Estate
    • Appellate Practice
    • Health Care Law
    • Business Formation
    • Data Privacy and Cyber Liability
    • Employment Law
    • Employment Litigation
    • Workplace Harassment
  • Individual
    • Bankruptcy
    • Estate Planning
      • Estate Planning – Woodstock IL
    • Wills and Trusts
    • Real Estate
    • Mediation Services
  • Banking Law
  • COVID-19 Legal Issues
  • Our Attorneys
  • Our Firm
    • FAQ
    • Our Commitment to Diversity
  • Blog
  • Contact Us
    • Chicago Office
    • Woodstock Office
  • Show Search
Hide Search

Archives for June 2014

Illinois Land Trusts-the Positive Side for Secured Lenders

mckenna · June 27, 2014 ·

While many lenders, especially SBA Lenders, shy away from Illinois Land Trusts, they actually have benefits for the secured and mortgage lender. Once the Lender takes an assignment of beneficial interest in a land trusts, the Lender has positioned itself to have more control over the collateral and ease of liquidation after default.

The collateral assignment of a beneficial interest in a land trust creates a security interest in personal property that is governed by the by Article 9 of the Illinois Uniform Commercial Code, Ill. Rev. Stat. ch. 26 para. 9-101 et seq. (1987). Upon assigning the beneficial interest, notice will be given to the lender of any subsequent attempts to grant security interests in the collateral and the lender can have veto power over such encumbrances.

One of the favorable remedies afforded to Lenders are non-judicial foreclosures. These foreclosure proceedings are often faster and more economical than traditional real estate foreclosures. The Lender must make sure that the Loan Documents grant this default remedy properly, but with careful drafting a Lender can have many alternatives in liquidation.

Latest McKenna News

Sara Cook · June 16, 2014 ·

We are very pleased to have Alison Harkins join the firm as Of Counsel. Alison comes to us as a former lender, loan documenter, and financial privacy and transaction specialist. She brings a wealth of knowledge and practical experience to transactions. She has worked in house and understands the needs of small businesses for general counsel advice without the expense of an in house counsel. She adds depth and specialized experience to our team.

Julie Ramson relaxes by writing murder mysteries and novels. Her success as an author was recently celebrated by her hometown where she was inducted into the Menomonee Falls High School Wall of Fame for Fine Arts.

Patrick Gannon, our Office Services Coordinator, has won Chicago’s Joseph Jefferson Award as the outstanding actor in a principal role for his work in the Hypocrites production of the The Tennessee Williams Project. Patrick performed in three on act Williams play and received very favorable reviews for his work.

McKenna Employment Bulletin – June 2014

James DeNardo · June 4, 2014 ·

  • DOCTOR’S STATEMENT IS SUFFICIENT TO DEMONSTRATE DISABILITY
  • EMPLOYMENT CONTRACT STOPS A RETALIATORY DISCHARGE CLAIM
  • SEX HARRASMENT BY THE EMPLOYEE STOPS HIS NATIONAL ORIGIN AND RETALIATION CLAIM
  • EMPLOYER’S USE OF THE SAME CREDIT CHECK AS THE EEOC STOPS AN EEOC COMPLAINT
  • EEOC CHARGE DOES NOT TOLL THE STATUTE OF LIMITATIONS FOR A STATE COMMON LAW CLAIM

[Read more…] about McKenna Employment Bulletin – June 2014

Our Commitment to Diversity

Chicago Office
McKenna, Storer
33 N. LaSalle, Suite 1400
Chicago, Illinois 60602
312.558.3900
Mo,Tu,We,Th,Fr 8:30 am – 5:00 pm
Woodstock Office
McKenna, Storer
1004 Courtaulds Dr., Suite A
Woodstock, Illinois 60098
815.334.9690
Mo,Tu,We,Th,Fr 8:30 am – 5:00 pm

  • Home
  • Insurance
  • Business
  • Individual
  • Banking Law
  • COVID-19 Legal Issues
  • Our Attorneys
  • Our Firm
  • Blog
  • Contact Us