In Southern Wine and Spirits of Illinois, Inc. v. Steiner, 2014 IL App (1st) 123435, the First District outlined and applied the rules governing the interpretation and enforcement of written guaranty agreements in Illinois. The plaintiff wine distributor purchased the assets of another distributor that had previously entered into a contract with a liquor store company; a contract personally guaranteed by the …
Tag Archives: discharge
Express Trusts and Bankruptcy Discharge: some Quick Hits
Adas v. Rutkowski, 2013 WL 6865417 (N.D.Ill. 2013), illustrates the confluence of Federal bankruptcy law and state law fiduciary duty and express trust principles in a case involving a failed construction partnership. The plaintiff and bankrupt debtor (defendant) formed a partnership to buy real estate, build a house on it and split the profits once the house was sold. …
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