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Case Citations [1] (Spring 2024)

handle is hein.ali/relwsec0595 and id is 1 raw text is: THE AMERICAN

LI LAW

NS

TITUTE

Spring 2024 Citations
SECURITY
DIVISION II. SURETYSHIP
CHAPTER 3. NATURE AND CREATION OF SURETYSHIP
§ 88. Interpretation of Contract of a Surety
I11.App.2023. Cit. in case quot. in sup. Assignee of borrower's second promissory note sued guarantor
who executed a guaranty in favor of lender as a security on borrower's original note, alleging that
guarantor owed assignee payments under the guaranty, because borrower defaulted on the second note.
The trial court granted assignee's motion for summary judgment. This court affirmed, holding, inter
alia,w that the guaranty executed by guarantor was a continuing guaranty for all indebtedness incurred
by borrower. The court cited Restatement of Security § 88 in explaining that the guaranty contract
established that the parties contemplated a future course of dealing, because it stated that guarantor
remained responsible for borrower's indebtedness on a continuing basis until all of borrower's
indebtedness had been paid in full. Amos Financial, LLC v. Szydlowski, 214 N.E.3d 158, 167.
COPYRIGHT (2024 By THE AMERICAN LAW INSTITUTE
All rights reserved
Printed in the United States of America
For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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