Smith v. SIPI, LLC’s Empirical Analysis

Citation profile

2 federal appellate · 1 state decisions

Most-quoted passages

The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 21 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.

1. “[W]e apply to Illinois tax sales the same factors used to determine reasonably equivalent value in other § 548 cases, including the fair market value of what was transferred and received, whether the transaction took place at arm's length, and the good faith of the transferee.”

   2 later decisions quote this exact passage · from the dissent
   e.g. Fox v. Hathaway (In re Chi. Mgmt. Consulting Grp., Inc.) · Gecker v. LG Funding, LLC (In re Hill)

2. “bidders vie to purchase the tax lien, not the property itself. They do so by bidding down. See BCS Services, Inc. v. Heartwood 88, LLC, 637 F.3d 750, 752-53 (7th Cir. 2011). Bids are expressed not as a total price for the property but rather as decreasing interest percentages. Id. These percentages are the penalty interest rates that the buyer may demand from the delinquent taxpayer (or mortgage lender) to redeem the property. Id. In Illinois, the bids therefore work down from a statutory ceiling of eighteen percent. Zero percent is the floor. 35 Ill. Comp. Stat. 200/21-215 (2015). Under this system, the lowest bidder wins and is granted the hen and a certificate of purchase.... And if the delinquent taxpayer and any mortgage lenders fail to redeem in the subsequent two years, the buyer takes the property free and clear.”

   1 later decision quote this exact passage · from the majority
   e.g. GGI Properties, LLC v. City of Millville (In re GGI Properties, LLC)

3. “11 U.S.C. § 522 (h) allows a debtor to also set aside a fraudulent transfer if the trustee has not attempted to do so”). Notably, Immanuel does not contend Crespo lacks standing to pursue this action. . The court in Smith distinguished the so-called “interest rate method” of collecting delinquent property taxes applicable in Illinois with the”

   1 later decision quote this exact passage · from the majority
   e.g. Crespo v. Immanuel (In re Crespo)