First Galesburg National Bank & Trust Co. v. Joannides

This appeal involves a conflict within the appellate court on the question of whether the failure of a secured creditor to give notice to the debtor .or guarantor (see Commercial Discount Corp. v. Bayer (1978), 57 Ill. App. 3d 295) of the sale of collateral bars the creditor from recovering a deficiency from the debtor or guarantor. The circuit court of Knox County held that the plaintiff, First Galesburg National Bank (the bank), could not recover from Louis and Jennie Joannides, the defendants, guarantors on a loan made by the bank. The appellate court affirmed. (116 Ill. App. 3d 810.) The…