Alton Banking & Trust Co. v. Alton Building & Loan Ass'n

The Alton Banking and Trust Company obtained a judgment by confession in the city court of Alton against the Alton Building and Loan Association based upon a promissory note. By agreement of parties the judgment was set aside with leave to defendant to plead. The complaint was in the usual form for an action upon a judgment note. The note was for $20,000, dated July 1, 1933, due on demand with interest at six per cent payable to plaintiff. Attached to the note was a power of attorney authorizing a confession of judgment, including an attorney fee of 10 per cent. The name appearing on the note…