West Bend Mutual Insurance Co v. Belmont State Corporation

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• distinguishing S.E.I.U. and One CW, LLC because the security agreement in West Bend case “contain [ed] no preconditions or qualifications to claiming [a] security interest”
• reviewing Illinois law and noting that a lockbox arrangement or other direct payment system constitutes sufficient enforcement of an assignment of rents
• reviewing Illinois law and noting that a lockbox arrangement or other direct payment system constitutes sufficient enforcement of an assignment of rents
• “a creditor must arrange for the tenants to pay it directly through a lockbox, or for a third party such as a receiver to take possession for the lender’s benefit”
• a court may award attorneys’ fees as part of the penalty under Section 5/2—1402(f)(1)
• “when rentals are paid directly to the debtor, the security interest evaporates”

Source: CourtListener parenthetical corpus (CC0).