State of Illinois
90th General Assembly
Legislation

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90_SB0764

      815 ILCS 115/6 new
          Amends the Actions to Enforce Payment Act.  Provides that
      when a guarantor agrees in writing that  he  or  she  is  not
      released   by  a  judgment,  settlement,  release,  or  other
      discharge of indebtedness of the  primary  obligor  or  other
      person liable on the indebtedness, then the occurrence of any
      of  these  shall  not  release  or  limit  the  claim  on the
      indebtedness against the guarantor, provided  that  plaintiff
      shall  not be entitled to more than full satisfaction of his,
      her, or its claim.  Effective immediately.
                                                     LRB9003288SMmb
                                               LRB9003288SMmb
 1        AN ACT to amend the Actions to  Enforce  Payment  Act  by
 2    adding Section 6.
 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:
 5        Section 5.  The Actions to Enforce Payment Act is amended
 6    by adding Section 6 as follows:
 7        (815 ILCS 115/6 new)
 8        Sec. 6.   Guarantor  liability.   When  a  guarantor  has
 9    agreed  in  writing  that  the guarantor is not released by a
10    judgement,  settlement,  release,  or  other   discharge   of
11    indebtedness  of  the  primary  obligor,  other guarantor, or
12    third party liable on the indebtedness,  then  the  judgment,
13    settlement,  release,  or  other discharge of indebtedness of
14    the primary obligor, other guarantor, or third  party  liable
15    on  the  indebtedness shall not release or limit the claim on
16    the indebtedness, or  cause  the  forfeiture,  discharge,  or
17    extinction  of  the  claim  on  the indebtedness, against the
18    guarantor, provided that the plaintiff shall not be  entitled
19    to more than full satisfaction of his, her, or its claim.
20        Section  99.  Effective date.  This Act takes effect upon
21    becoming law.

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