Waived loan defense fails to impress

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted October 17, 2019 3:26 PM

Sorting through several defenses provided by Article 3 of the Uniform Commercial Code, the Illinois Appellate Court affirmed a $482,306 summary judgment against Seville Holdings on a promissory note (Count 1), but it reversed the judgment against R. Adam Hill on a guaranty (Count 2) based on an 1886 opinion.Seville borrowed $200,000 from Clyde Beimfohr for a real estate development — with a promissory note secured by the property — and Hill guaranteed the debt.It turned out to be a bad deal. As a result …

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