Last year, the First District Appellate Court's ruling in 1010 Lake Shore Association v. Deutsche Bank National Trust significantly affected the rights of associations to collect back due assessments. The Court held that if a purchaser of a condominium at a foreclosure sale subsequently fails to pay assessments they can be held liable for the amounts owed prior to the foreclosure. The ruling was a huge win for associations who -in light of the recent economic downturn and mortgage foreclosure crisis- were often losing out on a significant amount of assessment money after unit owners entered foreclosure. Unsurprisingly, Deutsche Bank has appealed this decision before the Illinois Supreme Court. The Supreme Court agreed to hear the appeal and heard oral arguments on September 24, 2015. The ruling is expected in early 2016 and will have a significant effect on banks and associations specifically as it relates to what is due to associations after a foreclosure sale and when.

The crux of the ruling in 1010 Lake Shore Association v. Deutsche Bank National Trust is click here to learn more