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Showing posts from July 1, 2008

BOB DYLAN in the SUPREME COURT

The legal (and music) world is abuzz in response to Chief Justice John Roberts citing Bob Dylan in his dissent in Sprint v. APCC Services. From the New York Times:


Four pages into his dissent on Monday in an achingly boring dispute between pay phone companies and long distance carriers, John G. Roberts Jr., the chief justice of the United States, put a song lyric where the citation to precedent usually goes.

"The absence of any right to the substantive recovery means that respondents cannot benefit from the judgment they seek and thus lack Article III standing," Chief Justice Roberts wrote. " 'When you got nothing, you got nothing to lose.' Bob Dylan, Like a Rolling Stone, on Highway 61 Revisited (Columbia Records 1965)."

Alex B. Long, a law professor at the University of Tennessee and perhaps the nation's leading authority on the citation of popular music in judicial opinions, said this was almost certainly the first use of a rock lyric to buttress a lega…

RETURN of the ILLINOIS ANTI-PREDATORY LENDING PROGRAM

Its back!

Today marks the effective date of the new Illinois Anti-Predatory Lending Database Program. From this point forward, title companies must record a certificate of exemption or compliance with all residential mortgages. Here's one over here --->

Got this sucker at a purchase this morning. Gotta figure its one of the first ones to be issued, given that the law went into effect only hours ago. Cost my clients $50 (a title company charge to handle the paperwork) plus an additonal buck to the County Recorder for the additional page to be recorded. Tacked about twenty additional minutes onto the closing, but all in all (so far) not too bad a disruption of the closing process.

Of course, the real test will be when compliance (non-exempt) certifications start making their way through the closing pipeline. This may not begin for another week to 10 days as compliance certifications will only be necessary for certain specified types of mortgage loans applied for on and after July 1.…