Corporation’s closing didn’t block lawsuit

Trial Notebook

By Steven P. Garmisa

Hoey & Farina

Posted November 5, 2018 3:52 PM

Invoking the corporate survival statute’s five-year deadline as a defense when they were sued by McGinley Partners on a $1.5 million promissory note, three defendants — Royalty Properties, the borrower, and two guarantors, Richard Kirk Cannon and Meryl Squires Cannon — argued that Section 12.80 of the Illinois Business Corporation Act barred the lawsuit because it was filed more than five years after dissolution of the lender, Horizon Farms Inc.Section 12.80 preserves civil remedies for claims available …

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