{"id":3887,"date":"2014-07-01T10:00:26","date_gmt":"2014-07-01T15:00:26","guid":{"rendered":"http:\/\/injury.robertkreisman.com\/?p=3887"},"modified":"2019-10-28T10:35:00","modified_gmt":"2019-10-28T10:35:00","slug":"illinois-appellate-court-rules-assignment-guaranty-unenforceable-guarantor-aware-risks","status":"publish","type":"post","link":"https:\/\/www.robertkreisman.com\/injury-lawyer\/illinois-appellate-court-rules-assignment-guaranty-unenforceable-guarantor-aware-risks\/","title":{"rendered":"Illinois Appellate Court Rules That Assignment of Guaranty Unenforceable Where the Guarantor is Not Aware of the Risks"},"content":{"rendered":"

An Illinois Appellate Court has affirmed a decision by a Cook County Circuit Court judge relating to a guaranty. In 2001, Paul Steiner and Ricky Nelson, representatives from Superior Wine Selections<\/a>, submitted a credit application to a wine distributor, Morand. With the application, Steiner and Nelson each tendered a personal guaranty. The guaranty required Steiner and Nelson to pay fully and promptly for any amount due the wine distributor. The agreement stated that \u201cthe guaranty shall be continuing, absolute and unconditional and shall remain in full force and effect until written notice of its discontinuance shall be actually received . . . and also until any and all indebtedness existing before receipt of such a notice shall be fully paid.\u201d<\/p>\n

In addition, Steiner and Nelson waived notice and stated that the guaranty \u201cshall be binding on the undersigned jointly and severally, and upon their legal heirs, legal representatives, successors and assigns of the undersigned and each of them.\u201d<\/p>\n

In 2002, Southern Wine and Spirits of Illinois purchased Morand — the wine distributor that received Steiner\u2019s and Nelson\u2019s personal guaranties. In May 2003, Superior began using Southern as a wholesale distributor — unaware that it had purchased Morand.<\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An Illinois Appellate Court has affirmed a decision by a Cook County Circuit Court judge relating to a guaranty. In 2001, Paul Steiner and Ricky Nelson, representatives from Superior Wine Selections, submitted a credit application to a wine distributor, Morand. With the application, Steiner and Nelson each tendered a personal guaranty. The guaranty required Steiner […]<\/p>\n","protected":false},"author":795,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[91,41,49],"tags":[],"class_list":["post-3887","post","type-post","status-publish","format-standard","hentry","category-appellate-procedure","category-breach-of-contract","category-business-litigation"],"yoast_head":"\nIllinois Appellate Court Rules That Assignment of Guaranty Unenforceable Where the Guarantor is Not Aware of the Risks — Chicago Injury Lawyer Blog<\/title>\n<meta name=\"description\" content=\"An Illinois Appellate Court has affirmed a decision by a Cook County Circuit Court judge relating to a guaranty. 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