• The Seventh Circuit Broadly Interprets The Illinois Credit Agreements Act To Protect Providers Of Commercial Credit
  • September 29, 2003 | Author: Steven A. Levy
  • Law Firm: Goldberg, Kohn, Bell, Black, Rosenbloom & Moritz, Ltd. - Chicago Office
  • The Illinois Credit Agreements Act (the "Act"), 815 ILCS 160/1 et seq., was enacted as a "strong form" of the statute of frauds applicable to transactions involving the extension of commercial credit. The Act provides that an alleged commercial credit agreement or an alleged amendment to a commercial credit agreement will not be enforced unless both parties sign the credit agreement or the amendment.