Hay v. Albrecht

Plaintiffs, Judith and Thomas Hay, filed a complaint for rescission of an installment contract to purchase a 200-acre farm from defendants, Rojean and Rudolph Albrecht. The Albrechts assigned the contract to defendant, State Bank of Winslow, as security for certain loans. The Hays sought rescission on the basis that there was a house on the farm and the contract did not comply with section 2 of “An Act relating to installment contracts to sell dwelling structures” (Act) (Ill. Rev. Stat. 1985, ch. 29, par. 8.22). The Albrechts filed a counterclaim for specific performance and reformation of…