Kranzler v. Saltzman

Justices Karnezis and Connors concurred in the judgment and opinion.

OPINION

Plaintiff Leonard Kranzler loaned defendant Lewis Saltzman $100,000 upon the defendant signing a written “memo” that stated, “Loaned to Lewis Saltzman $100,000 to he paid back with interest.” The defendant intermittently made payments that partially repaid the loan. Within 10 years of the date of the defendant’s last payment on the loan, plaintiff filed suit in the circuit court of Cook County alleging the “memo” to be a promissory note and seeking judgment for the outstanding principal and interest. The trial court…