Clark v. John A. Logan Mutual Loan & Building Ass'n
Appellate Court of Illinois
Mortgage Foreclosure.—Appeal from an order appointing a receiver, by the Circuit Court of Cook County; the Hon. Thomas G. Windes, Judge, presiding. Heard in this court at the March term, 1895. Statement of the Case. This appeal is by the mortgagors from an order of the Circuit Court appointing a receiver to collect rents and profits under a cross-bill to foreclose a mortgage. The application below was based upon two grounds: First.
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Mortgage Foreclosure.—Appeal from an order appointing a receiver, by the Circuit Court of Cook County; the Hon. Thomas G. Windes, Judge, presiding. Heard in this court at the March term, 1895. Statement of the Case. This appeal is by the mortgagors from an order of the Circuit Court appointing a receiver to collect rents and profits under a cross-bill to foreclose a mortgage. The application below was based upon two grounds: First. That the mortgaged premises are inadequate security, and the owner of the equity of redemption is insolvent. Second. The mortgages of complainant and…
1Opinion of the Court
Mr. Presiding Justice Waterman
delivered the opinion of the Court.
It is quite true that the market value of land is not the price that it would bring at a forced sale; neither is it the sum that people may think the property is worth. ' The market value of land is what the land would bring in the open market under fair conditions, reasonable effort to find purchasers being made and reasonable time allowed in which to effect a sale. The market value is perhaps best shown by sales of land similar in nature and situation. 14 Am. & Eng. Enc. of Law, 468; Lawrence v. Boston, 119 Mass. 26.
In the…
2Cases cited3 opinions
- Old South Society v. CrockerMassachusetts Supreme Judicial Court · 1875
- Oakford v. RobinsonAppellate Court of Illinois · 1892
- Niccolls v. Peninsular Stove Co.Appellate Court of Illinois · 1892
3Cited by2 opinions
- Equitable Life Assur. Soc. v. McCartneyDistrict Court, E.D. Illinois · 1937
- Stone v. TylerAppellate Court of Illinois · 1896