Waldorf v. Marlas

Defendant appeals from an order confirming a judgment by confession on a promissory note executed by him in favor of plaintiff. He contends that the note is usurious in contravention of section 4 of the Interest Act. Ill. Rev. Stat. 1973, ch. 74, par. 4.

Plaintiff brought this action to enforce a *4,500 promissory note executed by defendant on December 15,1974, and due on June 15,1975. The note carried an interest rate of “10 percent per annum after maturity until paid.” Judgment on the note was confessed on behalf of defendant on June 25, 1975, and the court entered judgment on June 30, 1975.

The…