Kaspar American State Bank v. Oul Homestead Ass'n

Judgment by confession was entered against defendants for $4,372.34; they subsequently filed a petition asldng that the judgment be vacated and set aside; plaintiff was given leave to file a counter-affidavit; after hearing, defendants’ motion was overruled and they appeal.

The first question is whether the note, with its power to confess judgment, authorized a personal judgment against the individuals named as defendants. The note is in the following form:

“Chicago, Ill. June 10, 1932.

“Two months after date, for value received, the undersigned jointly and severally promise to pay to the order…