On 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.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.