Harris Trust & Savings Bank v. Stephans

Mr. PRESIDING JUSTICE HARTMAN

delivered the opinion of the court:

This action was brought by Harris Trust and Savings Bank (Harris) to enforce a personal guaranty executed in 1959 by defendants Robert G. Stephans, Michael J. Stephans and Michael G. Stephans to Chicago National Bank (Chicago) covering the debts of their corporation. Following cross-motions for summary judgment, the trial court found in favor of defendants, declaring that since Chicago was merged into the Harris, as a matter of law, Harris could not enforce the guaranty as to debts created after the merger. Harris appeals from…