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for: ‘July, 2011’

IRS Private Letter Ruling – Electing to treat all interests in rental real estate as single rental real estate activity

IRS Private Letter Ruling – Electing to treat all interests in rental real estate as single rental real estate activity In IRS Private Letter Ruling No. 201117011 released April 29, 2011 (not to be used or cited as precedent under IRC section 6110(k)(3)), the Commissioner granted a taxpayer a 120 day extension to make an […]

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FDIC as Receiver for Ravenswood Bank v. Republic Title – implied waiver and laches

FDIC as Receiver for Ravenswood Bank v. Republic Title – implied waiver and laches On April 20, 2011, The United States District Court for the Northern District of Illinois stated in Federal Deposit Insurance Corporation, as Receiver for Ravenswood Bank v. Republic Title Company (2011 WL 1526817) as follows: In regards to Implied Waivers: Waiver […]

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Illinois Consignments under UCC

Illinois Consignments under Article 9 of Illinois Uniform Commercial Code: Secured Transactions Under 810 ILCS 5/9 et seq., goods sent from one party (consignor; often manufacturer) to another party (consignee; a merchant) will only qualify as a consignment under and be governed by Article 9 of the Uniform Commercial Code if the goods are delivered […]

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Illinois Power of Attorney Act Amendments

Illinois Power of Attorney Act On July 1, 2011, the new Illinois Power of Attorney Act (755 ILCS 45/et seq.) (hereinafter “Act”) signed into law by Governor Pat Quinn in July of 2010 went into effect throughout Illinois providing principals more protection from abuse and fraud by agents. One of the primary goals of the […]

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