Barry M. Barash, Chapter 7, Trustee for Raymond M. Pine, Jr. v. Gale Employees Credit Union, a Corporation

MARKEY, Chief Judge.

Appeal from a judgment of the district court for the Central District of Illinois denying a guarantor recovery under the Truth In Lending Act (Act) for inadequate disclosure made to a principal borrower. We reverse.

Background

Raymond Pine sought to borrow from Gale Employees Credit Union (Union) of which he was a member. His wife Darlene was not a member, because she was employed elsewhere. Among the papers evidencing the loan transaction, all of which are dated 1 June 1979, is a “Comaker and Guarantor Agreement” and a “Wage Assignment” in favor of Union, both signed by…