USURY, § 28 — availability as defense. Where defendant, who held beneficial certificates of interest in real estate involved in foreclosure suit, applied to plaintiff for a loan, and plaintiff's finance company issued check payable to trust company, which held title to real estate as trustee, and trust company then executed its note and junior mortgage at defendant's request and did not obtain money fox its corporate purposes but acted merely as a naked trustee, and plaintiff knew that transaction was for defendant's benefit, fact that note was executed by trust company, as trustee, did not preclude defendant from setting up defense of usury in suit for foreclosure of mortgage, since equity would treat defendant as being in reality the debtor (Ill. Rev. Stat. 1947, ch. 74, pars. 4-6; Jones Ill. Stats. Ann. 67.04-67.06).
See Callaghan's Illinois Digest, same topic and section number.
Opinion by PRESIDING JUSTICE FEINBERG.
Not to be published in full. Opinion filed November 1, 1948; released for publication November 16, 1948.