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| Keough & Moody, P.C. Chicago Naperville 312-899-9989 630-369-2700 [email protected] www.kmlegal.com |
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| Volume 4 Number 5 |
May, 2015 |
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Quick Links
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This month our feature article discusses contracts. It is easy to enter into a contract without fully understanding what you are getting into and even worse, what you have to do to terminate the contract. Learn more about contractual relationships, key contract terms and more in this month's newsletter. We also look at the difference between state law and case law in this month's installment of What's the Difference.
Cook County's 2015 Assessment Season is underway. Please be sure to check out the information below related to tax appeals.
Our June seminar series will focus on insurance, including a discussion on insurance basics, and a summary of recent changes to Section 12 of the Illinois Condominium Property Act, which go into effect June 1, 2015. Please ch
eck out our event schedule below for information on upcoming events and educational opportunities.
It is our pleasure to provide you with this newsletter and the information therein. We welcome your suggestions for articles or other content which may benefit you. Please feel free to respond to this message and we will gladly consider all comments.
Lindsey Daehnke
Marketing Coordinator
Keough & Moody,P.C.
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Breach of Contract:
What Every Association Should Know
By Rachel M. Nagrant
Whether it is signing a credit card receipt or a mortgage on a house, in this day and age, most people are familiar with at least a basic idea of a contract. While there are many types of contracts, in varying lengths and forms, in its simplest form, a contract is an agreement between two or more people or entities. The legal term for when one or both parties to a contract don't do what they are supposed to is called a "breach".
Here is some information and common hypothetical examples related to breaches of contract that every Association should be aware of:
Click here
to read 5 examples of breach of contract.
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Our May seminar series discussed contracts in great detail.
Click here
to download a checklist outlining key provisions
to be aware of in association contracts.
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Upcoming Opportunities
to meet attorneys and staff from
Keough & Moody P.C. include:
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Keough & Moody events:
KM seminars are free to attend.
Click on the link to see more
information or to register.
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Understanding Association Insurance and the Recent Changes to Insurance Requirements Naperville
Insurance is a necessity. Understanding it is, too! Guest presenter Cindy Fitts of CISA Insurance will help you understand the basics related to insurance policies and coverages. We will also discuss changes to the insurance requirements in the Illinois Condominium Property Act, which are effective as of June 1, 2015.
Choose the day and time that is best for you. Click on the date to register.
Thursday June 4, 2015 from 6:00 - 8:00pm
Friday June 5, 2015 from 9:30 - 11:30am
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State Law (Statute) v. Case Law
It seems that there has been an abundance of "legal updates" in the past few years; some in the form of updates to state law and some in the form of case law. Though they are both important parts of the law that govern community associations, it is important to understand the difference.
State Law: State law, commonly referred to by attorneys as statute, is legislation that is proposed and adopted by the legislature. Statutes are binding on the specific groups that it they are intended to govern. The most commonly referred to statutes for associations are the Illinois Condominium Property Act (ILCPA) and the Common Interest Community Association Act (CICAA). These statutes govern associations which meet the requirements stated within these Acts. Where there is a conflict, State Law/Statute generally supercedes the terms of the association's governing documents. Other examples of statutes that govern associations include the Illinois Code of Civil Procedure and the General Not For Profit Corporation Act.
Case Law: Case Law is based on decisions made by a court. Case Law often serves to clarify statutes that can be read in various ways, resulting in more than one interpretation. The decision of the court can often eliminate one or more interpretations of the statute. Case law is heavily relied upon by attorneys to provide guidance and directions to the associations that they represent. Examples of case law that are commonly referred to include Palm v. 2800Lake Shore Drive, Apple II Condo v. Worth Bank and Trust, 1010 Lake Shore Ass'n v. Deutsche Bank, etc. They go together:Though they are created in two very different manners, State Law and Case Law go together and can have a direct impact on one another. Just as Case Law serves to clarify statutes, changes to legislation are often proposed to modify or correct language which was previously interpreted by the courts. Proposed state law/pending legislation is often referred to by the bill it is presented as, such as SB2664 or HB4204. When making decisions and taking action, it is important to confirm with the Association's legal counsel that the board is not only in compliance with its governing documents, but also with applicable statutes and case law. Any legal opinion which the Board relies on should be kept in the Association's books and records, so that should a Board decision be challenged, the Board will be insulated from a claim that it breached its fiduciary obligation. Guess where that came from...case law! (Carney v. Donnelly)
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Did you know? There are "quick links" in the top section of this email which allow you to download electronic versions of Illinois statutes.
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Is Your Association Ready for a Tax Appeal?
Cook County 2015 Assessment Season
The 2015 Cook County assessment season has begun. This year all property located in the City of Chicago will be re-assessed. There are eight townships in the City of Chicago (Rogers Park, Lake View, Hyde Park, Lake, West, Jefferson, North Chicago, and South Chicago). Property owners in each of these townships will receive a re-assessment notice in the mail setting forth the proposed 2015 assessment. Taxpayers will have thirty days to file an appeal with the Assessor's office to seek a reduction in the proposed assessment.
Property owners in each of the other 30 townships in Cook County will also have an opportunity to contest their 2015 assessments during the 30-day filing period for their township regardless whether their assessment has increased or not.
The Assessor's tentative mailing schedule for each of the 38 townships in Cook County can be found on the Assessor's web site via the link below.
Township Mailing Schedule
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If your association would like to consider appealing or contesting your 2015 assessment, click
here to request a proposal.
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Announcements
Keough & Moody will be closed for a technology upgrade and for the holiday from Friday, May 22, 2015 - Monday, May 25th. There will be no access to email or voicemail during that time but our office will respond to your inquiry as soon as possible upon our return. Thank you for your patience during this time.
Regular office hours will resume on Tuesday, May 26th.
Have a safe and happy Memorial Day!
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| DISCLAIMER
Keough & Moody, P.C. ("Keough & Moody" or "we" or "us") provides its newsletter for informational purposes only. The information contained in this newsletter is not legal advice. Your communication with us through this Newsletter, or by other means, does not create an attorney-client relationship between us. Please do not disclose any confidential information to us in response to this newsletter, or otherwise, because we will have no obligation to keep that information confidential unless and until a formal attorney-client relationship is established with you. ATTORNEY ADVERTISING MATERIAL.
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