Keough & Moody, P.C.

 

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312-899-9989                                                                                                                630-369-2700

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Volume 4 Number 8 November, 2015 
In This Issue
Quick Links
  
This month our feature article discusses the case commonly known as  1010 Lake Shore, which is currently on appeal, awaiting a decision by the Illinois Supreme Court.  Read on to learn what the ruling will mean for condominium associations.

Watch for our December newsletter which will provide a legislative update, outlining changes which become effective in 2016.

Please ch eck out our event schedule below for information on upcoming events and educational opportunities. 

It is our pleasure to provide you with this newsletter and the information therein.  We welcome your suggestions for articles or other content which may benefit you.  Please feel free to respond to this message and we will gladly consider all comments. 

 

Lindsey Daehnke
  Marketing Coordinator
   Keough & Moody,P.C.

 
Case Law Update:  1010 Lake Shore
By Andrew K. Scott

Last year, the First District Appellate Court's ruling in 1010 Lake Shore Association v. Deutsche Bank National Trust significantly affected the rights of associations to collect back due assessments. The Court held that if a purchaser of a condominium at a foreclosure sale subsequently fails to pay assessments they can be held liable for the amounts owed prior to the foreclosure. The ruling was a huge win for associations who -in light of the recent economic downturn and mortgage foreclosure crisis- were often losing out on a significant amount of assessment money after unit owners entered foreclosure. Unsurprisingly, Deutsche Bank has appealed this decision before the Illinois Supreme Court. The Supreme Court agreed to hear the appeal and heard oral arguments on September 24, 2015. The ruling is expected in early 2016 and will have a significant effect on banks and associations specifically as it relates to what is due to associations after a foreclosure sale and when.

The crux of the ruling in 1010 Lake Shore Association v. Deutsche Bank National Trust is click here to learn more

  
Upcoming Opportunities 
to meet attorneys and staff from
Keough & Moody P.C. include:
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Thursday, December 10, 2015
Chicago Cultural Center
11:00am - 3:00pm

Attorney Gabriella Comstock will present the Legislative Update at this event for the fourth consecutive year.  Click here for additional details and registration information.
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Announcements

Keough & Moody, P.C. is proud to announce the addition of Damon M. Fisch to its team of attorneys.  Damon's practice has concentrated in real estate matters, both litigation and transactions. Damon has litigated the following issues: eminent domain, title insurance defense, mechanics lien, mortgage rescue fraud, forcible entry and detainer, real estate transaction litigation, foreclosure and breach of contract.  Damon is a Special Assistant Attorney General, representing the Illinois Department of Transportation in eminent domain acquisitions.  Damon has also closed hundreds of real estate transactions for clients.

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Chuck Keough has been identified as a 2015 Leading Lawyer. Chuck was also recognized as a Leading Lawyer in 2009 and 2010.  Congratulations!

 
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Thank you  to everyone who attended our Annual Fall Gathering on October 23rd at the Danada House.  It is always a pleasure to spend time with those who contribute to the success of Keough & Moody, P.C.  

During this season of Thanksgiving, we want each of you to know that we appreciate the relationship that we have with you and look forward to working with you in the future.

DISCLAIMER 

  Keough & Moody, P.C. ("Keough & Moody" or "we" or "us") provides its newsletter for informational purposes only. The information contained in this newsletter is not legal advice.  Your communication with us through this Newsletter, or by other means, does not create an attorney-client relationship between us. Please do not disclose any confidential information to us in response to this newsletter, or otherwise, because we will have no obligation to keep that information confidential unless and until a formal attorney-client relationship is established with you.  ATTORNEY ADVERTISING MATERIAL.