Tag: Legal

General liability insurance, also known as business liability insurance, is pivotal in the construction world as it helps cover claims of bodily injury or property damage. But that may change in Illinois as the state’s Supreme Court held commercial general liability (CGL) policies can provide coverage in Illinois for damage caused by inadvertent construction defects. 

Several business-to-business (B2B) credit managers and bankruptcy attorneys from Lowenstein Sandler recently convened with the American Bankruptcy Institute (ABI) Subchapter V Task Force to exchange invaluable insights gleaned from their cumulative experiences in Subchapter V cases.

Escheatment is a legal process by which unclaimed or abandoned assets, typically financial assets like bank accounts, uncashed checks, or securities, are transferred to the government. This occurs when the rightful owner of the property or funds cannot be located or identified after a specified period, known as the dormancy period. The account or property can be reclaimed if someone emerges with a legal claim, but reclamation is generally subject to a statute of limitations. Statutes not only vary by state, but by property type with costs that continue to increase.