Elliott v. Valkanet

On April 3, 1953, John S. Valkanet and Beverly C. Valkanet executed a note for $85,000, and as security for the note they executed a second trust deed on certain lands in Lake County, Illinois. The Yalkanets defaulted in their payments on the note and Lloyd D. Elliott, as holder of the note, brought suit to foreclose the second trust deed. The chancellor found that the total amount due and owing from the Yalkanets was $117,333.76, together with costs. This amount included, among other items, advancements made by Elliott on the first trust deed, taxes, insurance and attorney fees. The…