Solved July 14, the major issues facing the company and the decisions that need to be made.
Department of Justice, Washington, D.
David Levinson, John J. Richard James Stevens, Chicago, Ill. Bruce Schimberg, Chicago, Ill.
Crestthe United States and others. An order was thereafter entered dismissing the United States as party defendant, and granting the United States Government leave to file a complaint in intervention. Standard was the principal contractor for the construction of a portion of the Illinois Toll Road.
Each note provided that the accounts were pledged as security. The dates of the assessments were August 15, November 7 and November 14, 215235 1 case study of the federal tax liens for said assessments were duly filed. On October 9,a notice of levy was served upon Standard by the United States.
It was admitted by Standard that it owed Twin Excavating Co. The Government admits that the claims of Road Machinery and Peter Kiewit have priority over its claims, but insists that it is entitled to the balance of the fund.
Crest contends its liens which came into existence during the period March 1, through June 10,are prior and superior to all other claimed lien rights.
Road Machinery and Peter Kiewit urge they are subcontractors who have perfected their liens under Illinois law and as such, have liens superior to the assignee of the contractor and superior also to the tax liens of the United States. Section a of the Internal Revenue Code of26 U.
Crest argues its liens were choate prior to the filing of the federal liens in that it was clearly established that Crest was the lienor, that specific accounts receivable were subject to the lien, and that the amount of the lien was fixed.
Crest cites United States v. City of New Britain, U. The Government argues that what is a choate lien for this purpose is a question of federal law so that the characterization of a lien as choate under state law is not controlling; that the relative priority of a federal lien for unpaid taxes is also a federal question.
The Government argues, in order to have an effective pledge under the common law and section athe contract to pledge must be accompanied by a transfer of possession or control over the property or collateral pledged as security.
The Government concedes that a chose in action can be the subject of an effective pledge, but argues that although the property is incapable of actual delivery to the pledgee, this does not dispense with the requirement of transfer of possession.
In such a case, it argues, the pledgee must have possession and control over the documents which represent the property. Crest argues that it had done everything necessary to perfect the assignment under the Illinois statutes. In addition, the contract between the parties clearly indicates that a pledgorpledgee relationship was intended.
The contract included a "Schedule of Assigned Accounts" which listed the specific accounts that were to be collateral for the loans.
Standard knew that the accounts were assigned. It made payments directly to Crest. The only thing that was not done, and which the Government contends made all the other actions futile, was the transfer of the pieces of paper that represented the accounts.
It is well established that under the common law, a transfer of possession is an essential part of a valid pledge. The Illinois Supreme Court has held that certain agreements which purported to sell and assign accounts receivable outright were, in fact, security transactions and the transfers were pledges.
Commonwealth Commercial Company, Ill.
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However, under Illinois law, an assignment of accounts may be different than a pledge. Travelers Insurance Company, Ill. The fact that the Illinois statute, Ill. It is not necessary for us to decide whether the assignments here under examination were pledges under section a.Of all published articles, the following were the most read within the past 12 months.
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