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Can you summarize 815 ILCS 115?
BUSINESS TRANSACTIONS > Actions to Enforce Payment Act.
Short Summary
The Actions to Enforce Payment Act governs the inclusion of persons severally liable upon bills of exchange or promissory notes in the same suit at the option of the plaintiff. Judgment rendered in such a suit shall be without prejudice to the rights of the several defendants as between themselves. In any suit mentioned in the Act, a separate judgment may be entered by default against any defendant or defendants severally liable who have been duly served with summons. The suit shall then proceed to trial against the other party or parties as if it had been commenced against them only. If the plaintiff recovers, judgment shall be entered against the defendants found liable, but the plaintiff is not entitled to more than one satisfaction. The Act also addresses the situation where the drawer or endorser of an accepted bill of exchange or the endorser or guarantor of a promissory note is joined with the acceptor or maker in an action to enforce collection. If judgment is entered against the drawer, endorser, or guarantor who subsequently pays, they are entitled to have the judgment released as to them. However, they may choose to enforce the judgment against any other party who remains liable for reimbursement. In suits on negotiable instruments where some defendants are jointly liable but not all of them have been served with summons, if the plaintiff recovers, judgment shall be entered against all the defendants jointly liable, but it may only be enforced against the joint property of all and the separate property of the defendants served. Additionally, the Act addresses guarantor liability, stating that if a guarantor has agreed in writing not to be released by a judgment, settlement, release, or other discharge of indebtedness of the primary obligor, such actions shall not release or limit the claim on the indebtedness against the guarantor, provided that the plaintiff is not entitled to more than full satisfaction of their claim. The Actions to Enforce Payment Act applies to persons severally liable upon bills of exchange or promissory notes and provides guidelines for their inclusion in suits, separate judgments, enforcement of judgments, and guarantor liability.
Whom does it apply to?
Persons severally liable upon bills of exchange or promissory notes
What does it govern?
Actions to Enforce Payment Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Illinois