February 10, 2014 // Franchising.com // Roetzel is pleased to announce that the Illinois Supreme Court has declined to hear the petition for leave to further appeal in Turczak and Lew v. First American Bank, et al., thus solidifying the appellate court victory of the firm's client, First American Bank, in a landmark case that clarified the Illinois Mortgage Foreclosure Law and defined the options available to banks against mortgagers who have defaulted on their payments.
"This is a major victory for our clients and very good news for Illinois banks," said Mark D. Belongia, a Roetzel partner and lead counsel in the case. "The fact that the Supreme Court has declined to hear any further appeal sets the holding of the appellate court firmly in place, thus giving Illinois banks firm guidance on their rights and obligations under the Illinois Mortgage Foreclosure Law."
The Supreme Court's denial of any further appeal serves to uphold two important findings by the appellate court. First, the decision means that a bank may proceed consecutively in actions on a promissory note and to foreclose on the mortgage and secondly, that unless and until a sheriff's sale of a foreclosed property is approved by judicial order, the rights of interested parties – including those of banks holding junior mortgages on the property – are not extinguished.
Roetzel is a full-service law firm with more than 200 attorneys in offices located throughout Ohio and Florida and in Chicago, New York and Washington, D.C. The firm provides comprehensive legal services to national and international corporations, closely held and family-run businesses, institutions, organizations and individuals. For more information, visit ralaw.com.
Amy L. Clark
Marketing Communications Specialist