In response, Borrowers asserted that the CSA mistakenly indicated that the parties had intended to secure all debts to Bank, rather than just the Loan that had been paid off. Bank then moved to strike and bar the testimony relating to errors in the written CSA, arguing that Borrowers were improperly attempting to modify the CSA in violation of the parol evidence rule and the Illinois Credit Agreements Act, 815 ILCS 160/1, et seq. ("ICAA").
As you may recall, the ICAA provides: "[a] debtor may not maintain an action on or in any way related to a credit agreement unless the credit agreement is in writing, expresses an agreement or commitment to lend money or extend credit or delay or forebear repayment of money, sets forth the relevant terms and conditions, and is signed by the creditor and the debtor." 815 ILCS 160/2.
Ralph T. Wutscher
McGinnis Tessitore Wutscher LLP
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