Mead v. Stevens
Appellate Court of Illinois
Appeal from the Circuit Court of Mercer County; the Hon. John J. Glenn, Judge, presiding. Statement by Welch, J. On the 19th day of June, 1882, Alfred E. Mead, one of the appellants, negotiated a loan through L. I). Holmes, from the appellee, for the sum of ¿2,500, and executed to appellee his promissory note therefor, payable two years after the date thereof with interest thereon at the rate of 8 per cent, per annum.
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Appeal from the Circuit Court of Mercer County; the Hon. John J. Glenn, Judge, presiding. Statement by Welch, J. On the 19th day of June, 1882, Alfred E. Mead, one of the appellants, negotiated a loan through L. I). Holmes, from the appellee, for the sum of ¿2,500, and executed to appellee his promissory note therefor, payable two years after the date thereof with interest thereon at the rate of 8 per cent, per annum. To secure the payment of said note the appellants executed a mortgage upon lot 3 in block 9 in the city of Hew Boston, and as a further security Alfred E. Mead assigned to the…
1Opinion of the CourtWelch, J.
The principal contention in this ease arises upon the disposition made of the Tipton notes and mortgage assigned to the appellee by the appellant Alfred E. Mead, as collateral security for his note of $2,500-to the appellee. It is insisted by the solicitor for the appellants that the “ pledgee of commercial paper, bonds, mortgages, or promissory notes held as collateral security for the payment of a debt, is bound to collect the same as they become due, and apply the net proceeds to the payment of the debt.” “ Parties holding collaterals are bound to account for the full value.” Cole v.…
2Cases cited3 opinions
- Union Trust Co. v. RigdonIllinois Supreme Court · 1879
- Jenkins v. International BankIllinois Supreme Court · 1884
- Cole v. DalzielAppellate Court of Illinois · 1883