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Winter & Hirsch, Inc. v. Passarelli
Appellate Court of Illinois
259 N.E.2d 312 (1970)
Dominic and Antoinette Passarelli (defendants) obtained a $10,000 loan from Equitable Mortgage & Investment Corporation (Equitable). Under the promissory note, the Passarellis were to repay a total of $16,260 over a period of 60 months. The promissory note charged a usurious rate of interest that exceeded the amount allowed by law. Before the promissory note was executed, Winter & Hirsch, Inc. (Winter) (plaintiff), issued a check for $11,000 to Equitable with a notation that the funds were for the Passarellis’ loan. The Passarellis defaulted on the loan, and Winter sued the Passarellis, claiming to be a holder in due course of the promissory note. The Passarellis raised the defense of usury. The trial court found that Winter was a holder in due course of the promissory note, rejected the Passarellis’ defense of usury, and entered judgment in favor of Winter. The Passarellis appealed.
Rule of Law
Holding and Reasoning (McCormick, J.)
Dissent (Burke, J.)
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