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90_SB0764eng
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
SB764 Engrossed 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.