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We would like to first thank our clients for the opportunity to assist them with their legal and business matters, in areas ranging from commercial litigation to advice in business transactions, employment law, real estate, bankruptcy matters and so much more. It was truly a year of growth for our firm and we have our clients to thank.

This month we look at the key changes coming to the NCUA's Business Member Loan Rule as of January 1st and a ruling in Schaefer v Walker Bros. related to compensating tipped employees for non-tipped work.

As we reflect on the year that just was, we are once again full of gratitude for our loyal clients, who have entrusted us with over $106 million of their portfolios in 2016. We are also pleased that between settlements, payoffs, sales, and other resolutions, our clients realized approximately $19 million in 2016.  

Happy Holidays to all of our clients and colleagues.


On November 10th, Samantha Gaul was sworn in to the Illinois State Bar. Samantha has been with Carlson Dash as a Law Clerk since July 2014, only leaving us briefly in the summer of 2015 to work as a legal intern at the World Bank, where she focused on laws and regulations governing real estate development and private public partnerships.

We are happy to have Samantha stay on with Carlson Dash as an Associate focusing on matters related to Real Estate, Real Estate Finance and Creditors’ Rights. Samantha is also working towards her Wisconsin Bar admission in 2017. Congratulations Samantha!



We're Growing Again

Carlson Dash is pleased to announce that Steven Mroczkowski has joined the firm. Steve's practice focuses on Commercial Litigation and Dispute Resolution, Construction Law, Mechanics Liens, and Bond Claims. Steve is licensed in both Illinois and Wisconsin and currently serves on the Illinois State Bar Association’s Construction Law Section Council. He is a past chair of the Chicago Bar Association’s Real Property-Construction Law and Mechanics Liens Subcommittee. Welcome Steve!

Changes Coming to Business Member Loan Final Rule

On January 1, 2017, several important changes to the National Credit Union Administration's (NCUA) Business Member Loan Rule will become effective. Read on for a summary of the key changes.

Compensating Tipped Employees for Non-Tipped Work

Recently, the United States Court of Appeals for the Seventh Circuit ruled on the applicability of the tip-credit rate for tipped employees performing non-tipped work. How does an employer determine whether the tip-credit rate is appropriate for non-tipped work?


Confession of Judgment 

Last week, in Cole v Davis, the Illinois Appellate Court found a confession of judgment clause containing a varying rate valid. Arising from a defaulted loan for $100,000.00, Bank One N.A. filed a confession of judgment for $153,453.00. The debtor challenged the confession of judgment provision found in the note, arguing it was invalid due to the interest rate varying with the Bank’s prime rate; said rate was not written on the agreement, but it crossed referenced to the posted prime. On the other hand, the Bank argued the clause was valid under Article III of the Uniform Commercial Code. In reaching their decision, the Appellate Court followed known precedent and disagreed with the debtor’s argument that having to use evidence outside of the agreement to determine the amount of liability should invalidate the challenged provision, or that the provision was against public policy.
In past cases, Illinois courts have only held confession of judgment clauses invalid where the principal amount was indefinite and needed evidence outside of the agreement to determine the amount owed. In this case, however, the Appellate Court believed Bank One’s loan note primarily evidenced itself, and while there was need to bring in outside evidence it was only needed to arrive to an exact amount owed. It further explained it did not violate the public policy reason for which said judgments have been held invalid in the past as the provision in this case was not fraudulent or subversive of justice.

Carlson Dash blogs you may have missed:

© Carlson Dash. December 2016 Issue.

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