Gordon & Rees Chicago partners Kent Carter, Kyle Kickert and Jonathan Boulahanis recently won an appeal on behalf of an equipment finance company client in litigation related to the financing of 150 semi-tractors.
The finance company plaintiff filed suit for breach of several secured promissory notes and multiple interlocking continuing guaranties executed by a primary corporate borrower and 20 related corporate entities. Certain of the corporate guarantors contested the finance company’s breach of contract lawsuit by claiming the interlocking continuing guaranties were superseded by subsequent agreements, void for lack of mutual assent and failed to contain the essential terms of the underlying loans.
The Circuit Court for Sangamon County, Illinois granted summary judgment on behalf of the finance company client for breach of the agreements and all underlying damages sought. The Appellate Court of Illinois, Fourth Judicial District subsequently affirmed the judgment on appeal.