Schimberg v. Waite
Appellate Court of Illinois
Trust Deed Foreclosure.—Appeal from the Superior Court of Cook County; the Hon. Farlin Q. Ball, Judge, presiding. Heard in the Branch Appellate Court at the March term, 1900. Statement by the Court.—The material facts in this case are as follows: One Morrison borrowed from or through Theodore H. Schintz, §18,000, evidenced by two notes, one of $15,000 and the other of $3,000, secured by separate trust deeds upon the same property.
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Trust Deed Foreclosure.—Appeal from the Superior Court of Cook County; the Hon. Farlin Q. Ball, Judge, presiding. Heard in the Branch Appellate Court at the March term, 1900. Statement by the Court.—The material facts in this case are as follows: One Morrison borrowed from or through Theodore H. Schintz, §18,000, evidenced by two notes, one of $15,000 and the other of $3,000, secured by separate trust deeds upon the same property. The money was to be applied as the work progressed in the erection of a building upon the property so incumbered. The note for $15,000 was made payable five years…
1Opinion of the CourtJustice Freeman
It is contended by appellant’s counsel that the trust deed securing the note for $3,000 is a concurrent lien with the other trust deed securing the note for $15,000. The argument is that the lien of both trust deeds attached only when the proceeds of the notes they secured had been paid to or for the use of the borrower, and not from the date when they were filed for record; that the debt is the principal thing and the mortgage or trust deed merely an incident; that there was no debt until the money was actually paid over; that as the notes and trust deeds were concurrent in execution and…
2Cases cited6 opinions
- Walker v. DementIllinois Supreme Court · 1866
- Crane v. DemingSupreme Court of Connecticut · 1829
- Collins v. CarlileIllinois Supreme Court · 1851
- McConnell v. ScottIllinois Supreme Court · 1873
- Schultze v. HoufesIllinois Supreme Court · 1880
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Melody v. Arcola State BankAppellate Court of Illinois · 1928
- Chicago Title & Trust Co. v. RosenbergAppellate Court of Illinois · 1935
- Kuhn v. Southern Ohio Loan & Trust Co.Ohio Court of Appeals · 1919