Petitioner claims to be a ‘business trust,’ judge disagrees

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted December 20, 2022 11:47 AM

The Cook County Land Bank Authority argued that Capital Equity Land Trust didn’t qualify for relief under Chapter 11 of the Bankruptcy Code because it wasn’t a “debtor” under the elusive category of “business trust.” Capital Equity, an Illinois land trust, held title to commercial real estate in Harvey, Illinois. The beneficiary of the trust is First Premier Funding LLC, which didn’t file for bankruptcy.When Capital Equity failed to pay real estate taxes, the land bank authority …

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