BARRETT, JR. v. Guaranty Bank & Trust Co.

Plaintiff-Appellant, Lonnie Barrett, Jr., commenced this action in the Circuit Court of Cook County, against Guaranty Bank & Trust Company, Defendant-Appellee, seeking to recover for the alleged violation of chapter 74, section 6, Ill Rev Stats 1967 (Interest Act). The court dismissed plaintiff’s complaint for failure to state a cause of action and it is from this judgment that this appeal follows.

The facts are undisputed. On May 6, 1960, defendant extended to plaintiff a construction loan of $25,000, at an interest rate of 6y%% per annum. This was a loan for 74 days. In addition to the…