Reports of Cases At Law And in Chancery Argued And Determined in the Supreme Court of Illinois 65 (September Term, 1872")
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W. Wade to Lavina Lynam, for the sum of five hundred and sixty dollars, payable March 1, 1870, with ten per cent interest, and dated March 31, 1868.
The note, as appears by the receipt given by complainant, was placed in his hands to secure him .against any loss by his having signed the Reynolds note, with the understanding it was to be returned to her whenever the Reynolds note should be paid by Lavina Lynam.
The testimony shows this note was of but little, if any, real value. It was given in ...consideration of a tract of land sold Wade by Lavina Lynam, which was covered, at the time of the execution of the note, by a mortgage made by the payee on the land for its full value, and which she was unable to remove, and that Wade had no more personal property than the law exempted from execution, and no real estate, and was otherwise in debt.
Appellants contend that taking this collateral by complain- ant, exonerated his co-surety, Johnson, from his obligation to contribute. We know of no rule of law or equity forbidding a co-surety from taking collateral security.
What to read after Reports of Cases At Law And in Chancery Argued And Determined in the Supreme Court of Illinois 65 (September Term, 1872")?
You can find similar books in the "Read Also" column, or choose other free books by Illinois. Supreme Court to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
W. Wade to Lavina Lynam, for the sum of five hundred and sixty dollars, payable March 1, 1870, with ten per cent interest, and dated March 31, 1868.
The note, as appears by the receipt given by complainant, was placed in his hands to secure him .against any loss by his having signed the Reynolds note, with the understanding it was to be returned to her whenever the Reynolds note should be paid by Lavina Lynam.
The testimony shows this note was of but little, if any, real value. It was given in ...consideration of a tract of land sold Wade by Lavina Lynam, which was covered, at the time of the execution of the note, by a mortgage made by the payee on the land for its full value, and which she was unable to remove, and that Wade had no more personal property than the law exempted from execution, and no real estate, and was otherwise in debt.
Appellants contend that taking this collateral by complain- ant, exonerated his co-surety, Johnson, from his obligation to contribute. We know of no rule of law or equity forbidding a co-surety from taking collateral security.
What to read after Reports of Cases At Law And in Chancery Argued And Determined in the Supreme Court of Illinois 65 (September Term, 1872")?
You can find similar books in the "Read Also" column, or choose other free books by Illinois. Supreme Court to read onlineMoreLess
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