Anco Investment Corp. v. Spencer

On May 28, 1969, a judgment of confession based upon an installment note dated October 11, 1967, was entered in the circuit court of Cook County against the defendant, Joseph Spencer, in the amount of $1,161.86. In subsequent proceedings the trial court reduced the judgment to the amount of $364 and costs. On appeal, the appellate court reversed (1 Ill. App. 3d 445), holding that the instrument was a retail installment contract, and remanded for a determination of the penalties to be assessed against plaintiff for noncompliance with the Retail Installment Sales Act. (Ill. Rev. Stat. 1965, ch.…