Malone v. Marks

Mr. PRESIDING JUSTICE STENGEL

delivered the opinion of the court:

This appeal arises from the trial court’s refusal to open a judgment by confession.

On June 5, 1970, plaintiff John R. Malone entered into a written agreement with defendants Arthur M. Marks and Louis A. Wagner for the purpose of financing a large condominium project in Peoria. (Wagner is now deceased and is not a party to this appeal.) Under the terms of that agreement plaintiff agreed to loan *100,000 to the project with the first *50,000 to be advanced at the time of execution of the contract. Title to the condominium site was to be…