(Download) "Price v. State Farm Mutual Auto. Ins. Co." by Illinois Appellate Court — First District (4Th Division) Reversed And Remanded # eBook PDF Kindle ePub Free
eBook details
- Title: Price v. State Farm Mutual Auto. Ins. Co.
- Author : Illinois Appellate Court — First District (4Th Division) Reversed And Remanded
- Release Date : January 30, 1983
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 70 KB
Description
This action challenges the propriety of an order of summary judgment in which the trial court found that the defendant, Associates Finance, Inc. (Associates), was the holder in due course of a promissory note. The note was initially executed by the plaintiffs, Kenneth and Barbara Hatton, and Money Lenders & Associates, Ltd. (Money Page 578 Lenders), on December 24, 1979. The terms of the note provided that the plaintiffs would repay a total of $78,000 in 120 monthly payments of $650 each to Money Lenders. This sum included $30,000 in principal and annual interest in excess of 24%. The note was secured by a trust deed on a rental apartment owned by the plaintiffs. At the time the note was executed, the plaintiffs also completed two affidavits in which they swore under oath that the money would be used solely for business purposes.
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