Ryan v. Dunlap
Illinois Supreme Court
The following statement will exhibit the principal facts involved in this controversy: On the 19th day of February, 1840, John C. Stickney being seized in fee of lots 1111 and 1112, in Shawneetown, mortgaged the same to the Bank of Illinois, to secure debts then due by Stickney to the bank, and advances to be thereafter made by said bank to Stickney, for the purpose of enabling him to finish off a house then in process of construction upon said lots; the whole debt and…
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The following statement will exhibit the principal facts involved in this controversy: On the 19th day of February, 1840, John C. Stickney being seized in fee of lots 1111 and 1112, in Shawneetown, mortgaged the same to the Bank of Illinois, to secure debts then due by Stickney to the bank, and advances to be thereafter made by said bank to Stickney, for the purpose of enabling him to finish off a house then in process of construction upon said lots; the whole debt and advances not to exceed the sum of $12,000. A note was executed and delivered 'for that amount, and is recited in said…
1Opinion of the CourtSoates, C. J.
The only question presented is simply one of priority of mortgage lien. But its solution involves two other questions: first, whether the mortgage under which plaintiff claims that priority was paid and discharged. Second, the powers of the board of directors and cashier to discharge it, in the manner shown by the record.
We are of opinion with the defendants upon all these questions, and will state some of the principles and reasons which we think support that conclusion.
The mortgage debt is the principal thing and the mortgage a mere incident of it. Coffing et al. v. Taylor, 16 Ill. R. 472;…
2Cited by19 opinions
- White v. WalkerIllinois Supreme Court · 1863
- Illinois Central Railroad v. ReadIllinois Supreme Court · 1865
- Ladue v. Detroit & Milwaukee RailroadMichigan Supreme Court · 1865
- Bradley v. LightcapIllinois Supreme Court · 1903
- Moore v. LewisAppellate Court of Illinois · 1977
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