800 S. Wells Commercial LLC v. Gouletas (In re Gouletas)

The Defendant's Affirmative Defense fails on a number of levels.7 Statutes of limitation do not have the legal effect supposed by the Defendant. They do not negate parties' rights, but rather deny legal recourse on such rights in very specific circumstances. Further, even if a statute of limitations has run on a security agreement or mortgage, under Illinois law, those instruments remain good and enforceable so long as the underlying debt also remains enforceable and unsatisfied.

The court will consider each of these issues, in turn.

A. Statutes of Limitation Do Not Extinguish Causes of Action

Re…