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Legal Update

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”).
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