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State Courts -
Illinois - October 29 - October 30, 2007
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Emigrant Mortg. Co. v. Chi. Fin. Servs., No. 1-06-3341,
APPELLATE COURT OF ILLINOIS, FIRST DISTRICT, FIRST DIVISION, October 29, 2007, Decided, October 29, 2007, Opinon Filed
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Overview: Trial court properly found that the mortgage lender and mortgage loan broker's modification to their agreement concerning payment of commission by the mortgage lender to the mortgage loan broker was enforceable; under General Obligations Law § 5-1101, modification did not need new consideration to be enforceable against the mortgage loan broker.
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Metro Developers, LLC v. City of Chicago Dep't of Revenue, No. 1-06-3229,
APPELLATE COURT OF ILLINOIS, FIRST DISTRICT, SECOND DIVISION, October 30, 2007, Decided
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Overview: Although property had been used commercially prior to a sale and immediately thereafter, a developer was not entitled to a Chicago, Ill., Municipal Code § 3-33-060(L), property transfer tax exemption because at the time of purchase, the developer's intent was to construct condominiums, which was what actually occurred.
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