FirstMerit Bank, N.A. v. Soltys, 2015 IL App (1st) 140100
Mar 11, 2015OUTCOME: Appellate court affirmed dismissal of claims against Defendant/Client
Represented the Defendant/Appellee. Court addressed whether a plaintiff creditor could attempt to satisfy a debt discharged in bankruptcy from property transferred by the defendant debtor to land tr ... usts under the exception for fraudulent transfers to third parties. Appellate Court held that Illinois land trusts are merely a vehicle for property ownership when the land trust beneficiary retains control of the property and that Illinois land trusts are not “third party” entities for purposes of the “fraudulent transfer to third parties” exceptions to a bankruptcy discharge. http://www.illinoiscourts.gov/Opinions/AppellateCourt/2015/1stDistrict/1140100.pdf
