A ruling by a Bankruptcy Court in Illinois that a bankruptcy trustee could avoid two mortgages which utilized a standard form used by the lending industry would constitute a precedent opening the door to avoidance of thousands of mortgages in Illinois.
The case concerns whether or not a mortgage failing to include the interest rate or maturity date on its face is insufficient as a matter of Illinois law.
The case is presently on appeal before the District Court for the Central District of Illinois.
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