740 ILCS 155/ Sureties Act. - Illinois Statutes

(740 ILCS 155/0.01) (from Ch. 132, par. 0.01)     Sec. 0.01. Short title. This Act may be cited as the Sureties Act. (Source: P.A. 86‑1324.)

(740 ILCS 155/1) (from Ch. 132, par. 1)     Sec. 1. When any person is bound, in writing, as surety for another for the payment of money, or the performance of any other contract, apprehends that his principal is likely to become insolvent or to remove himself from the state, without discharging the contract, if a right of action has accrued on the contract, he may, in writing, require the creditor to sue forthwith upon the same; and unless such creditor, within a reasonable time and with due diligence, commences an action thereon, and prosecutes the same to final judgment and proceeds with the enforcement thereof, the surety shall be discharged; but such discharge shall not in any case affect the rights of the creditor against the principal debtor. (Source: P.A. 84‑546.)

(740 ILCS 155/2) (from Ch. 132, par. 2)     Sec. 2. The provisions of this act shall extend as well to the heirs, executors and administrators of the surety as to the heirs, executors, administrators and assigns of the creditor, but shall not extend to the official bonds of public officers, executors, administrators, or guardians. (Source: P.A. 83‑706.)

(740 ILCS 155/3) (from Ch. 132, par. 3)     Sec. 3. Whenever the principal maker of any note, bond, bill or other written instrument dies, if the creditor does not, within 6 months after the entry of the original order directing issuance of letters of office, present the same to the representative or the proper court for allowance, the sureties thereon shall be released from the payment thereof to the extent that the same might have been collected of such estate if presented in proper time; but this Section shall not be construed to prevent the holder of any such instrument from proceeding against the sureties within such 6 months. (Source: P.A. 83‑388.)

(740 ILCS 155/4) (from Ch. 132, par. 4)     Sec. 4. No surety, his or her heir, executors or administrators, shall be allowed to confess judgment or allow judgment to be entered by default, so as to distress his or her principal, if the principal will enter his or her appearance as defendant to the action, and tender to the surety, his or her heirs, executors or administrators, sufficient counter security, to be approved by the court before which the action is pending. (Source: P.A. 84‑551.)