205 ILCS 305/49

Current through Public Act 103-1052
Section 205 ILCS 305/49 - Security

In addition to generally accepted types of security, the endorsement of a note by a surety, comaker or guarantor, or assignment of shares or wages, in a manner consistent with the laws of this State, shall be deemed security within the meaning of this Act. A credit union shall give each surety, guarantor or comaker a copy of the instrument evidencing the indebtedness. The adequacy of any security shall be determined by the credit committee , credit manager or loan officer, subject to this Act and the bylaws of the credit union. The surety, guarantor or comaker may, but need not, be a member of the credit union making the loan.

205 ILCS 305/49

P.A. 85-1273.
Amended by P.A. 097-0133,§ 5, eff. 1/1/2012.