Clark v. Appeal of Chicago Municipal Employees Credit Union

MANTON,

Circuit Judge, concurring in part and dissenting in part.

I agree with the court’s analysis in part II.A but part company on part II.B. Clark’s failure to pay the credit union the balance due on the credit card was a loan. As noted in State of Ill. ex rel. Lignoul v. Continental Nat’l Bank and Trust Co. of Chicago, 409 F.Supp. 1167, 1178 (N.D.Ill.1975), “a loan may be defined as a contract whereby one delivers money to another who agrees to return an equivalent sum at a future time[;] a significant aspect of a loan is the running of interest.” Not only did Clark have a line of credit,…