Abbott v. Stone
Illinois Supreme Court
Appeal from the Appellate Court for the First District;—heard in that court on appeal from the Circuit Court of Cook county;- the Hon. O. H. Horton, Judge, presiding.
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Appeal from the Appellate Court for the First District;—heard in that court on appeal from the Circuit Court of Cook county;- the Hon. O. H. Horton, Judge, presiding. This was a bill in equity brought to the November term, 1896, of the circuit court of Cook county, to foreclose a trust deed given July 14, 1892, by Alice Asbury Abbott to Francis B. Sherwood, as trustee, to secure a loan of $20,000. The complainants were George W. Stone, the payee and holder of the secured notes, and Francis B.. Sherwood, the trustee. The principal note given by appellant was as follows: “$20,000. Chicago,…
1Opinion of the CourtJustice Craig
First—Appellant insists that usury is established by the notes alone. The argument of counsel for appellant falsely assumes that the interest notes represent a separate and distinct indebtedness from the six per cent in? terest named in the principal note. The language in the notes is not susceptible of such meaning. The practice of giving mortgages and trust deeds, with coupon or interest notes representing the interest provided for in the principal note, is much in use. Jones on Mortgages, (5th ed. sec. 653,) under the title of “Usury,” says: “It is the general practice for corporations, in…
2Cases cited4 opinions
- Cheltenham Improvement Co. v. WhiteheadIllinois Supreme Court · 1889
- Harper v. ElyIllinois Supreme Court · 1873
- Heffron v. GageIllinois Supreme Court · 1894
- Telford v. GarrelsIllinois Supreme Court · 1890
3Cited by8 opinions
- In Re American Fuel & Power Co.Court of Appeals for the Sixth Circuit · 1945
- John J. Calnan Co. v. Talsma Builders, Inc.Appellate Court of Illinois · 1979
- Kinsella v. CahnIllinois Supreme Court · 1900
- Union Central Life Insurance v. LaFolletteOregon Supreme Court · 1935
- Green v. Vanston Bondholders Protective CommitteeCourt of Appeals for the Sixth Circuit · 1945
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