Illinois Compiled Statutes 815 ILCS 115/6 – Guarantor liability
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Terms Used In Illinois Compiled Statutes 815 ILCS 115/6
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Judgement: The official decision of a court finally determining the respective rights and claims of the parties to a suit.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
When a guarantor has agreed in writing that the guarantor is not released by a judgement, settlement, release, or other discharge of indebtedness of the primary obligor, other guarantor, or third party liable on the indebtedness, then the judgment, settlement, release, or other discharge of indebtedness of the primary obligor, other guarantor, or third party liable on the indebtedness shall not release or limit the claim on the indebtedness, or cause the forfeiture, discharge, or extinction of the claim on the indebtedness, against the guarantor, provided that the plaintiff shall not be entitled to more than full satisfaction of his, her, or its claim.