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Darcy Devassy PC litigates nationwide in state and federal courts, pursuing commercial claims for: breach of equipment leases and loan agreements; mortgage fraud; fraudulent conveyances; insurance claims related to damaged or stolen collateral; and replevin. We also defend a wide range of commercial claims, ranging from breach of warranty and bankruptcy preferences to alleged violations of the Consumer Fraud and Deceptive Practices Act and lack of good faith.

Our clients rely on our expertise in asset-based lending and leasing to manage their commercial litigation portfolios regionally and nationally. Our attorneys have appeared in the state and federal courts in all fifty states. We also have developed a nationwide network of local counsel to aid us in states where our attorneys are not licensed to practice and to reduce our clients’ expenses. We work with our clients to place and monitor matters in Canada and Mexico.


We are able to manage a large volume of commercial collection work, using our experienced staff to move cases forward and to negotiate settlements. We perform thorough post-judgment collection activities, from wage garnishments to foreclosing on judgment liens on real estate, to pursuing fraudulent conveyances and asset seizures.


We offer a range of billing choices, including contingent fees, to help our clients manage their litigation expenses.


Our lawyers devote themselves to guiding creditor clients through the complex issues involved in protecting their rights and collateral when debtors reorganize or liquidate their businesses, including plan objections, dismissals for bad faith filings, motions to modify stay and to allow administrative claims, as well as defending preference and other adversary claims.

We are also experienced in protecting creditors’ rights in assignments for the benefit of creditors.


Darcy & Devassy PC has extensive experience in identifying, investigating and prosecuting fraud claims perpetrated by lessees, vendors, suppliers, and brokers, in both state and federal court.  We are also well-versed in pursuing fraud and conversion claims through non-dischargeability actions in bankruptcy court.  


Our lawyers excel in appellate matters, having prevailed in numerous high-profile financing cases. Our reported opinions include:

• IFC Credit Corp. v. United Business & Industrial Federal Credit Union, 512 F.3d 989 (7th Cir. 2008)
• IFC Credit Corp. v. Aliano, 438 F.3d 775 (7th Cir. 2006)
• Linc Equipment Services, Inc. v. Signal Medical Services, Inc., 319 F.3d 288 (7th Cir. 2003)
• Stromberg Metalworks, Inc. v. Press Mechanical, Inc., 77 F.3d 928 (7th Cir. 1996)
• Pure Solutions v. IFC Credit Corp., 2006 WL 1316974 (11th Cir. May 15, 2006)
• Peters v. Enterasys Networks, Inc., 351 B.R.135 (10th Cir. B.A.P. 2006)
• IFC Credit Corp. v. Rieker, 881 N.E.2d 382 (Ill. App. Ct. 2007)
• In re County Collector, Ajax Financial, L.P. v. ABN-AMRO Inc. Leasing and Financial Services, 318 Ill. App. 3d 681 (Ill. App. Ct. 2000)
• Lease Partners Corp. v. R & J Pharmacies, Inc., 329 Ill. App. 3d 69 (Ill. App. Ct. 2002).

Equipment Leasing &

Asset Based Lending Transactions


Because of our unique focus on asset-based leasing and lending, we are skilled at structuring and closing complex financing transactions, including drafting financing documents, such as:

• Loan and security agreements
• Program agreements for the purchase and sale of commercial paper
• Equipment leases
• Titling trust agreements
• Mortgages
• Municipal leases
• Short form equipment leases
• UCC financing statements
• Inventory liens

Governmental Investigations

Darcy & Devassy PC has defended its clients in some of the most high-profile governmental investigations of the leasing industry in recent years, most notably from claims and subpoenas filed or threatened by twenty-seven attorneys general and the Federal Trade Commission in the NorVergence matter, as well as cases relating to alleged Stark Act violations. See F.T.C. v. IFC Credit Corp., 543 F.Supp.2d 925 (N.D. Ill. 2008) (dismissing count of complaint accusing leasing company of employing an “unfair” practice by enforcing equipment lease’s floating forum selection clause).

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