Bankruptcy Judge Laura Grandy (politely) faulted other federal courts for failing to follow the Illinois mortgage statute and decisions by the Illinois Supreme Court.
Fancy drafting by ‘brilliant financiers and lawyers,’ the judge said, didn’t validate an uptier transaction when the ‘effect’ was to release collateral without a two-thirds vote.
The Fifth Circuit undertook a legal analysis of a complex loan agreement to decide there was no ‘fair ground of doubt’ under Taggart that the lender was violating the discharge injunction.
In New Jersey, a trustee’s hypothetical judicial lien has priority over a judgment lien if the judgment lienholder has not made a levy on the property.
