Wayman v. Cochrane
Illinois Supreme Court
Writ of Error to the Superior Court of Chicago. On the 28th day of March, 1861, William Wayman executed his bond to Isabella Cochrane, in the penalty of $12,000, conditioned to pay to the obligee the sum of $6,000, in five years from its date, with interest at ten per cent, per annum, payable half yearly.
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Writ of Error to the Superior Court of Chicago. On the 28th day of March, 1861, William Wayman executed his bond to Isabella Cochrane, in the penalty of $12,000, conditioned to pay to the obligee the sum of $6,000, in five years from its date, with interest at ten per cent, per annum, payable half yearly. The bond further provided that in default of paying the interest for twenty days after it should become due by the terms of the bond, the whole principal sum, and arrears of interest should at once become due at the option of the obligee, and immediately demandable. Concurrently with the…
1Opinion of the CourtChief Justice Walker
The only question which we propose to consider in this case is, whether the court below erred in computing interest at the rate of ten per cent. The bond bore ten per cent., and the mortgage given to secure its payment recites the bond and contains a covenant for the payment of the debt and interest named in the bond according.to the-.condition thereto annexed. Afterwards the defendant in error instituted suit, and recovered a judgment at law on the bond for- the principal and interest. This bill was subsequently filed to foreclose the mortgage and subject the premises to sale for - the…
2Cases cited2 opinions
- Olds v. CummingsIllinois Supreme Court · 1863
- White v. HaffakerIllinois Supreme Court · 1862
3Cited by23 opinions
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- Dinet v. EigenmannIllinois Supreme Court · 1875
- Arlington Mill & Elevator Co. v. YatesNebraska Supreme Court · 1898
- Doerr v. SchmittIllinois Supreme Court · 1941
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