Illinois Supreme Court Holds Guarantor Not a Surety Under Illinois Sureties Act
20 January 2011
Mayer Brown Legal Update
The Illinois Supreme Court recently decided a case that may affect the enforceability of guaranties in Illinois. In J.P.Morgan Chase Bank, N.A. v. Earth Foods, Inc.,1 the Illinois Supreme Court examined whether the guarantor of a note was a “surety” for purposes of the Illinois Sureties Act2 (the “Sureties Act”).