- 11 U.S.C.
Richardson v. Gifford State Bank (In re Crane)
Feb
29
2012
Ruling
Mortgages that failed to state interest rate or maturity date could be avoided.
Procedural posture
In his adversary complaint, plaintiff chapter 7 trustee claimed that two mortgages were defective and subject to avoidance pursuant to 11 U.S.C.S. § 544, in that both mortgages failed to state the interest rate and the maturity date relative to the subject mortgages in violation of 765 ILCS 5/11. The matter came before the court on cross-motions for summary judgment filed by the parties. Defendant was a creditor.
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Court
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