Akron National Bank & Trust Co. v. Roundtree

The Akron National Bank, plaintiff-appellee (hereafter referred to as the Bank), sued the defendant-appellant, Gerald Roundtree (hereafter referred to as Round-tree), to collect the balance due under a cognovit note executed on November 28,1972, for a loan on the purchase of a car. Roundtree defaulted on his loan. The car was repossessed and sold. The cognovit judgment for the balance due, $492.48, taken on April 29, 1976, was set aside on Roundtree’s motion which alleged that the Bank violated the federal Truth-in-Lending Act (TILA). Roundtree claimed no actual damages, but counterclaimed…