ATG is pleased to announce that it is no longer necessary for members to contact the Underwriting Department for a Crane approval on mortgages of $700,000 or more. Illinois Public Act 97-1164 (see our legislative update) states that the requirements for a mortgage stated in Section 11 of the Conveyances Act (765 ILCS 5/11) are, and always have been, permissive and not mandatory, overturning the effect of the In re Crane case.

In re Crane was appealed to the United States District Court, where the Opinion reversed the bankruptcy court decision, citing the legislation as persuasive authority (see our casenote). Note, however, that the trustee has filed a notice of appeal. 

If you have any questions about this new procedure, please contact the Underwriting Department at 800.252.0402, ext. 2020, 312.752.1990, or legal@atgf.com.