Bankruptcy Court Denies Stay Relief Thereby Preventing Enforcement of Deed in Escrow Transaction
By EsqSocial Corporation 23/04/25
In a recent opinion and order, the US Bankruptcy Court for the Southern District of Illinois denied a secured lender’s motion for relief from the automatic stay in order for the lender to record a deed being held in escrow relating to an Illinois commercial property. The debtor had given the deed to the lender pursuant to a forbearance agreement, under which the lender was permitted to record the deed in lieu of foreclosure in the event the borrower defaulted under the forbearance agreement....
By: Mayer Brown