Colonial Bank & Trust Co. v. Cahill

MEMORANDUM OPINION

FLAUM, District Judge.

Before the court is defendant Cahill’s rule 60 motion to vacate the judgment by confession entered by the Circuit Court of Cook County upon defendant’s default in payment of certain promissory notes held by the plaintiff Colonial Bank. The promissory notes were executed by the defendant to finance the purchase of 25,000 shares of American Bankshares Corporation stock which was offered by the plaintiff bank, and the purchased shares were pledged to Colonial Bank as security for the debt. The notes each contained a clause authorizing judgment by…