Chicago City Bank & Trust Co. v. Anderson

On 23 April 1968, Timothy Anderson (hereinafter defendant) executed' an installment negotiable promissory note for $3,774.00 to Mars Oldsmobile for the purchase of a 1967 Toronado. The note contained a confession-of-judgment clause. The note was subsequently negotiated to Chicago Rank and Trust Company (hereinafter plaintiff), and the monthly payments on the note were made by defendant to plaintiff. On 4 November 1971, with $611.00 indebtedness past due on the note, the automobile was repossessed by Joe’s Auto Rebuilders on behalf of plaintiff. On that same day, plaintiff sent a notice of…