Assets Realization Co. v. Wightman
Appellate Court of Illinois
Bill for Foreclosure.—Appeal from the Circuit Court of Cook County; the Hon. Richard W. Clifford, Judge presiding. Heard in this court at the March term; 1902. March 17, 1890, appellee Wrightman made a loan from the Mechanics & Traders’ Savings, Loan and Building Association for $2,100 on twenty-one shares of its stock at a premium of twenty per cent, with interest at eight per cent per annum. The premium was deducted from the loan.
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Bill for Foreclosure.—Appeal from the Circuit Court of Cook County; the Hon. Richard W. Clifford, Judge presiding. Heard in this court at the March term; 1902. March 17, 1890, appellee Wrightman made a loan from the Mechanics & Traders’ Savings, Loan and Building Association for $2,100 on twenty-one shares of its stock at a premium of twenty per cent, with interest at eight per cent per annum. The premium was deducted from the loan. He gave his note for $2,100 to evidence this indebtedness, and received but $1,630 in cash. This note provided for payment of the interest and dues on the stock…
1Opinion of the Court
Mr. Presiding Justice Ball
delivered the opinion of the court.
Upon the prior hearing of this case in this court (Wightman v. Suddard, 93 Ill. App. 142) it was found and determined, upon the evidence then before the court, that the loan was usurious, as the statute relating to the method of loaning the funds of the association was not-followed; and that Morley, having taken the property by conveyance from Paul, without any agreement, express or implied, to pay the mortgage, or any deduction on account thereof being made from the consideration paid for that conveyance, was not estopped from…
2Cases cited3 opinions
- Aurora & Geneva Railway Co. v. HarveyIllinois Supreme Court · 1899
- Jamieson v. JurgensIllinois Supreme Court · 1902
- Wightman v. SuddardAppellate Court of Illinois · 1901
3Cited by2 opinions
- Miller v. Prudential Banking & Trust Co.West Virginia Supreme Court · 1907
- Free Home Building, Loan & Homestead Ass'n v. EdwardsAppellate Court of Illinois · 1906