Gibraltar Corp. v. Flobudd Antiques, Inc.

Plaintiff, Gibraltar Corporation, sued to foreclose a trust deed conveying real estate in Cook County executed by defendant, Flobudd Antiques, Inc., a corporation. The trust deed secured a note executed by the corporation in the amount of $50,000.00. Defendant corporation filed an answer alleging that the loan was usurious. In addition, the corporation filed an amended answer in which it alleged that it was created by plaintiff and its agents and attorneys for the purpose of practicing usury and to avoid the statutes of Illinois pertaining to usury and that an individual, Florence J. Budd,…