7th Circuit

Peoples National Bank, N.A. v. Banterra Bank

Summarized by Melissa De Groff, Kroger, Gardis & Regas, LLP 2 days 17 hours ago
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Citation: 
Case No. 12-3079 (7th Cir. May 20, 2013)
Ruling: 
A cross-collateralization clause in first priority mortgage put second priority mortgagee on inquiry notice of debt in excess of promissory note specified in first mortgage. Therefore, first mortgage holder entitled to sales proceeds of real property securing both mortgages ...
Judge(s): 
Kanne, Williams and Zagel (by designation from the Northern District of Illinois).
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In re Clark

Summarized by Mark Melickian, Sugar Felsenthal Grais & Hammer LLP 4 weeks 1 day ago
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Citation: 
Case Nos. 12-1241 and 12-1255, 7th Cir. Court of Appeals (decided April 23, 2013)
Ruling: 
Reversing the district court, the 7th Circuit panel agreed with the bankruptcy court (450 B.R. 858 (Bankr. W.D. Wis. 2011)) that IRA "retirement funds" lose their character once they are inherited, even if they remain in the same account ...
Judge(s): 
Frank Easterbrook, Chief Judge; Joel Flaum, Circuit Judge; Ann Williams, Circuit Judge.
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Krieger v. Educational Credit Management Corp.

Summarized by George Spathis, Horwood Marcus & Berk Chartered 5 weeks 5 days ago
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Citation: 
No. 12-3592 (7th Cir. April 10, 2013)
Ruling: 
The Seventh Court held that the bankruptcy court did not abuse its discretion in discharging debtor's student loan obligation under Section 523(a)(8) of the Bankruptcy Code. The panel was divided however, as to the wisdom of the District Court's ...
Judge(s): 
Easterbrook, Chief Judge, and Manion and Rovner, Circuit Judges
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Teed v. Thomas & Betts Power Solutions, L.L.C.

Summarized by Steven Schwartz, U.S. Bankruptcy Court, District of Delaware 5 weeks 6 days ago
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Citation: 
Nos. 12-2440, 12-3029 (7th Cir. March 26, 2013)
Ruling: 
Successor liability is appropriate in suits to enforce federal labor or employment laws-even when the successor disclaimed liability when it acquired the assets, unless there is a good reason to withhold such liability (i.e. lack of notice of potential liability, ...
Judge(s): 
Posner, Flaum, Williams
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Fogel v. Shabat (In re Draiman)

Summarized by Mazyar Hedayat, M. Hedayat & Associates, PC 6 weeks 23 hours ago
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Citation: 
Fogel v. Shabat, 12 A 00799 (Apr. 8, 2013)(Posner)
Ruling: 
The Bankruptcy Court erred in ruling than appointment of an Interim Trustee under 11 USC 701 extends the statute of limitations for avoidance actions under 702 and 546(a).
Judge(s): 
Posner, Ripple, Hamilton
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In re Canopy Financial, Inc.

Summarized by Madison Martin, Stites & Harbison PLLC 11 weeks 4 days ago
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Citation: 
In re Canopy Financial, Inc., No. 12-3239 (February 28, 2013) (Easterbrook, Posner and Tinder, Circuit Judges).
Ruling: 
Affirmed. Though a trial judge has discretion to excuse some negligent errors under the equitable “excusable neglect” standard of Pioneer Investment Services Co. v. Brunswick Associates L.P., 507 U.S. 380 (1993) and Robb v. Norfolk & Western Ry., 122 F.3d ...
Judge(s): 
Easterbrook, Chief Judge, Posner and Tinder, Circuit Judges. Conlon, District Judge. Wedoff, Bankruptcy Judge.
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In re Castleton Plaza, LP

Summarized by Mark Melickian, Sugar Felsenthal Grais & Hammer LLP 13 weeks 6 days ago
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Citation: 
Case no. 12-2639, 7th Circuit Court of Appeals (decided February 14, 2013)
Ruling: 
On a direct appeal from the bankruptcy court, the 7th Circuit panel held that a new value plan in which new investment in the debtor is provided by a spouse that was not an equity investor in the bankrupt entity ...
Judge(s): 
Frank Easterbrook, Chief Judge; Joel Flaum, Circuit Judge; Ilana Rovner, Circuit Judge. Opinion by Judge Easterbrook.
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In re Porayko

Summarized by George Spathis, Horwood Marcus & Berk Chartered 16 weeks 1 day ago
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Citation: 
No. 12-2777 (7th Cir. January 28, 2013)
Ruling: 
A checking account consitutues "personal property" that reamins within the "control" of the account's holder, and therefore subject to a citation lien under Illinois law. This is consistant with Illinois appellate court guidance in Chicago v. Air Auto Leasing ...
Judge(s): 
EASTERBROOK, Chief Judge, HAMILTON, Circuit Judge, and MILLER, District Judge for the Northern District of Indiana, sitting by special designation.
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In re Knight-Celotex, LLC

Summarized by Karl Johnson, Law Office of Karl Johnson 36 weeks 2 days ago
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Citation: 
In re Knight-Celotex, LLC, et al., Case No. 11-01815, ---F.3d ---- (7th Cir. Sept. 5, 2012)(slip opinion) (Hamilton, J)
Ruling: 
AFFIRMING the District Court, the Seventh Circuit held that the Bankruptcy Court did not abuse its discretion by finding that a trustee was not judicially estopped from assigning claims against the principal of corporate debtors due to the trustees ...
Judge(s): 
Cudahy, Kanne, and Hamilton, Seventh Circuit Judges.
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First Premier Capital LLC v. Republic Bank of Chicago (In re Equipment Acquisition Resources Inc.)

Summarized by Allen Guon, Shaw Fishman Glantz & Towbin LLC 40 weeks 5 days ago
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Citation: 
First Premier Capital LLC v. Republic Bank of Chicago (In re Equipment Acquisition Resources Inc.), Case No. 11-3905 (7th Cir. Aug. 9, 2012)
Ruling: 
Seventh Circuit Court of Appeals affirmed the District Court's ruling, which affirmed the Bankruptcy Court's ruling, that the granting of the settlement motion was not an abuse of discretion.
Judge(s): 
Circuit Judges: Cudahy, Kanne, and Hamilton
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