New law requires timely executed settlement releases in most cases
Governor Quinn has signed a bill that requires defendants in most civil actions to provide plaintiffs with an executed release within 14 days of a written settlement agreement.
The law requires such a defendant to pay all sums due under the settlement agreement to the plaintiff within 30 days of when the defendant tendered its release to the opposing party. If a defendant fails to timely pay the money damages, the plaintiff may obtain a judgment against the defendant in the amount set forth in the executed release, plus costs and interest. Find out more in the September IBJ.