Adam v. Chicago Title & Trust Co.

Louis S. Adams and Peter Demetry, plaintiffs, the latter being assignee of one John Ponis, seek to recover payments made under a certain instalment real estate contract alleged to have been executed May 29, 1926, in violation of the Illinois Securities Law (Illinois Revised Statutes, Cahill, 1925, ch. 32, ¶ 254 et seq.). Both the probate court, and the circuit court on appeal from the probate court, disallowed the claim, and this appeal followed.

Two questions are presented for determination:(1) Whether an instalment real estate contract in the usual form, for the sale of a specific lot or…