(US) In re Crane Reversed on Appeal: Illinois Statutory Mortgage Form Held to be Permissive, Not Mandatory; Incorporation by Reference Held to Be Sufficient

This post was written by Daniel Slattery and Ann Pille. The United States District Court for the Central District of Illinois has arguably driven the last nail into the coffin of In re Crane, the much criticized decision of the United States Bankruptcy Court for the Central District of Illinois. The coffin was already set … Continue Reading

(US) Illinois Legislation Rejects In re Crane

By Daniel Slattery on 12 February 2013 Posted in Corporate Real Estate, Real Estate (U.S.), Real Estate Investment

This post was also written by Cynthia Jared. Custom and practice in Illinois with respect to mortgages has been to incorporate the note or other debt instrument by reference, rather than to disclose all of the financial terms of a loan transaction in the mortgage. Then, in April 2012 (as previously reported in the Reed … Continue Reading

Bankruptcy Court Decision In Illinois Holds That Mortgage Can Be Avoided Because of Failure To Include Loan Terms In Mortgage Document

By Daniel Slattery on 22 May 2012 Posted in Ownership, Real Estate Acquisitions & Sales, Real Estate Investment, Real Estate Litigation & Dispute Resolution

In In re Crane, the Bankruptcy Court for the Central District of Illinois recently held that a mortgage can be avoided in bankruptcy if it fails to include the maturity date and the interest rate of the underlying debt within the mortgage document. The court found that failing to include these loan terms on the … Continue Reading