Halle v. National Park Bank of New York
Illinois Supreme Court
Writ of Error to the Appellate Court for the First District; —heard in that court on writ of error to the Superior Court of Cook county; the Hon. Egbert Jamieson, Judge, presiding. This action was begun by defendant in error in the Superior Court of Cook county, by bill in chancery, to subject certain “merchandise and fixtures” alleged to be in the hands of plaintiff in error, for the payment of two promissory notes held by said bank.
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Writ of Error to the Appellate Court for the First District; —heard in that court on writ of error to the Superior Court of Cook county; the Hon. Egbert Jamieson, Judge, presiding. This action was begun by defendant in error in the Superior Court of Cook county, by bill in chancery, to subject certain “merchandise and fixtures” alleged to be in the hands of plaintiff in error, for the payment of two promissory notes held by said bank. The basis of the action was the following .instruments in writing: “Know all men by these presents, That I, Isidor Cohnfeld, of the city of New York, party of…
1Opinion of the CourtJustice Wilkin
The first point made by counsel for plaintiff in error is, that the Superior Court erred in holding that the “merchandise and fixtures” mentioned in said bill of sale were transferred to him by Cohnfeld in-trust, to pay said promissory notes. It is said in 4 Kent’s Commentaries, page 348: “Collateral securities given by a debtor to his surety are considered as trusts, for the better security of the creditor’s debt, and chancery will see that their intention be fulfilled.” Also, in 1 Story’s Equity Jurisprudence, section 499 : “It is generally understood that the surety holds all securities in…
2Cases cited1 opinion
- Taylor v. TurnerIllinois Supreme Court · 1877
3Cited by4 opinions
- National Safe & Lock Co. v. PeopleAppellate Court of Illinois · 1893
- Scully v. Colean Manufacturing Co.Appellate Court of Illinois · 1911
- Billings v. WarrenIllinois Supreme Court · 1905
- Myers v. FieldAppellate Court of Illinois · 1893