Ringgold Capital IV, LLC v. Finley

Illinois Appellate Court
Civil Court
Citation
Case Number: 
2013 IL App (1st) 121702
Decision Date: 
June 19, 2013
District: 
1st Dist.
Division/County: 
Cook Co., 3d Div.
Justice: 
PIERCE
Holding: 
Affirmed.
Bank agreed to finance construction of $8.1 million athletic training facility. Defendant, who was a client of the athletic training company borrower, executed limited personal guaranty of certain loan, not to exceed $2 million. Terms of guaranty are not ambiguous, and thus resort to parol evidence is unnecessary, and consideration of extrinsic evidence would add to and materially change the guaranty as written. Any reliance on statements made by Defendant during course of contract negotiations that conflict with agreed-upon written terms of guaranty, which Bank drafted, were not a reasonable basis upon which to rely in making subsequent loan. (STERBA and HYMAN, concurring.)