Van Pelt Construction Company, Inc. v. BMO Harris Bank, N.A.

An agreement to modify an existing credit agreement, or forbear from exercising remedies connected with an existing agreement can give rise to a claim or defense that a new agreement has been formed, as long as agreement satisfies Section 2 of Credit Act. Any unwrittten understanding by the parties has no bearing on whether the Credit Act has been satisfied. Signatures of creditor and debtor cannot be found in the writings at issue, and a valid signature by the parties was at issue from time when mortgagee bank asserted that agreement did not satisfy Credit Act.; and thus, any settlement agreement between parties was unenforceable. (FITZGERALD SMITH and EPSTEIN, concurring.)