740 ILCS 155/ Sureties Act.

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740 ILCS 155/0.01

(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

(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

(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

(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

(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.)