Illinois Surety Legislation Amendment

IllinoisOn August 22nd, 2008, Illinois enacted a new law concerning uniform commercial code. Titled SB 2080, the new law re-defines surety to encompass any other secondary obligor pursuant to the Restatement of the Law of Surety that the American Law Institute issued recently. The present definition of surety is a guarantor. These alterations to the law do not have substantive influence on surety. SB 2080 became active on June 1, 2009.