Illinois Personal Guarantee Template

Illinois rules built into this template

• Illinois law: Illinois requires a promise to answer for the debt of another to be in a signed writing (740 ILCS 80/1) and enforces a guarantee according to its terms, construing it strictly in favor of the guarantor where it is ambiguous.
• Spouse signature: under federal Regulation B, a creditor generally may not require the signature of a guarantor's spouse merely because the guarantor is married (12 C.F.R. § 1002.7(d)).
• Cap: the Standard guarantee limits the guarantor's liability to a maximum amount, plus interest after demand and enforcement costs the law allows.

What the Personal Guarantee includes

1. Guarantee
2. Maximum Liability
3. Demand and Payment
4. Guarantor's Consent to Changes
5. Reinstatement
6. Subrogation
7. Waivers
8. Guarantor's Statements
9. Financial Information
10. Continuing Guarantee and Revocation
11. Costs of Enforcement
12. Assignment
13. State Law
14. General Provisions
15. Governing Law

Frequently asked questions

Does a personal guarantee have to be in writing in Illinois?

Yes. Illinois requires a promise to pay another person's debt to be in a writing signed by the guarantor.

Can a guarantor cancel a personal guarantee?

A continuing guarantee can usually be revoked for future credit by written notice to the creditor, but the guarantor stays liable for debts incurred before the notice. The Standard guarantee includes this revocation right.

What is the difference between the Standard and Professional Personal Guarantee?

The Standard edition is a complete, state-aware Personal Guarantee for common situations. The Professional edition adds longer clause coverage, schedules, and optional modules for more complex matters. You can preview either edition free before you pay.

Personal Guarantee templates for other states

• California
• Texas
• Florida
• New York
• Pennsylvania
• Ohio
• Georgia
• North Carolina
• Michigan
• All states and countries