First Midwest Bank v Cobo
Hat Tip to Daniel Khwaja, Esq.
Attorney at Law
There are several points in this decision worthy of reading and digesting. The principal point interesting to me is that the court correctly decided that an action on a mortgage for nonpayment is the same thing as an action on the note for nonpayment. They are both alleging defaults on the same instrument — the promissory note.
The banks try to make a distinction particularly where they are filing a second or third or fourth lawsuit on the same deal based upon the same facts. In Illinois they have a very intelligent rule which says that if you sue and then take a voluntary dismissal, and they you sue again and take a voluntary dismissal they can’t sue a third time.
In Hawaii, the banks have brought nonsense to a whole new level…