LawGram Volume 15, No.1

Best Wishes for the New Year

As we welcome 2015, we would like to take this opportunity to wish you peace and prosperity in the New Year.

Table of Contents

Do You Have A Proper Business Succession Plan In Effect? A Typical Estate Plan May Not Be Enough.

The following article was written by Joseph A. Ginsburg and Morris R. Saunders and was recently published in the Illinois Banker’s Magazine.

You have a successful manufacturing company, the ABC Manufacturing Co. Your spouse helped you start the business thirty-five years ago, but has not worked in the business for thirty years. However, he or she has helped you make many decisions for the business and you felt that advice was invaluable. It was always great to go home and discuss the business with him or her. Your son has been working with you for the past four years and some of the growth of the Company has been due to his efforts. Your daughter is coming to work for the Company next month. Your other two children are not interested in working for your Company and it is clear that as a result of their respective career paths, neither of them will ever be involved in the Company.

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Landlord’s Beware: Five Common Violations of the Chicago Residential Landlord and Tennant Ordinance

 By: Dean J. Tatooles

If you are a landlord of a residential rental unit in a building of six units or more in the City of Chicago, it is important to be aware of the requirements of the Chicago Residential Landlord and Tenant Ordinance (or as it’s commonly referred to as the “RLTO”). The RLTO has many pitfalls for landlords, which may carry substantial fines if violated. Many landlords are becoming keener on the proper handling of tenant security deposits as required by the RLTO, but the RLTO contains other important provisions that landlords must comply with.

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The Necessity of Paying Condominium Assessments After a Purchase in a Foreclosure Sale

 By: Eli Korer

Routinely, after a lender forecloses on a condominium unit, the lender will be the successful bidder at the foreclosure sale auction and it will take over ownership of the property after approval of the sale. With this in mind, the lender—and presumably any third party who purchases a unit in a condominium foreclosure sale with the intent to hold the property for a short period of time before flipping it and selling it to another third party—often does not want to pay any of the condominium unit’s assessments on a go-forward basis prior to the judicial foreclosure sale being approved, let alone be responsible for paying any assessments which were previously due and owing because of a previous owner’s failure to make assessment payments.

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