Illini Federal Savings & Loan Ass'n v. Childers

Mr. PRESIDING JUSTICE JONES

delivered the opinion of the court:

This case of first impression in Illinois presents the question of whether forfeiture of an installment contract for the sale of land serves to discharge guarantors of part of the purchase price where the contract provides that the liabilities of the guarantors “shall remain notwithstanding any forfeiture.”

Plaintiff, Illini Federal Savings and Loan Association (hereafter referred to as “Illini”), brought an action against the defendants, Carl Childers, Jr. (also spelled “Childres” at times in the record), Ben A. Parrish, Edward H.…