Illinois Appellate Court
Civil Court
Interest
Court dismissed class action on all counts with prejudice. Plaintiffs had obtained $6.4 million loan, and claimed that prior to drafting of Promissory Note, parties had agreement that Bank would draft loan document stating that interest rate on loan was 8.0% per year. Note stated that interest would be charged per 365/360 method of calculation. Section 10 of Interest Act contains gap-filling provisions and apply only when no time period for calculaiton of interest appears anywhere in instrument. As Plaintiffs cannot show in writing or in any other way that parties agreed to apply 3.0% interest for 365 days, count alleging such agreement is barred by Credit Agreements Act. (QUINN and CONNORS, concurring.)