Horney v. Hayes

The plaintiff, Ainsley E. Horney, who held a certificate of beneficial interest in a land trust, assigned it to defendant Michael T. Hayes as security for a loan. The loan was not repaid at maturity; and Hayes, proceeding under a power of sale conferred by the assignment, sold the certificate to defendant Edmund J. Walsh. The plaintiff thereafter brought suit in the circuit court of Cook County to set aside the sale and certain subsequent conveyances, alleging that the loan was usurious, that the sale was fraudulent, and that the transaction constitutes a mortgage of real estate, within the…