Ryan v. Trustees of Shawneetown
Illinois Supreme Court
At June term, 1850, of the Gallatin Circuit Court, the demurrer to the complainant’s bill was sustained, and the complainant declining to amend the bill, it "was dismissed. The bill charges, that the trustees of Shawneetown, “ incorporated by an act of the General Assembly, &c., entitled, ‘An' Act concerning Shawneetown, approved 10th January, 1825, and Acts amendatory to the same,’ wished to borrow from the bank, &c., money to enable them to make improvements in town.
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At June term, 1850, of the Gallatin Circuit Court, the demurrer to the complainant’s bill was sustained, and the complainant declining to amend the bill, it "was dismissed. The bill charges, that the trustees of Shawneetown, “ incorporated by an act of the General Assembly, &c., entitled, ‘An' Act concerning Shawneetown, approved 10th January, 1825, and Acts amendatory to the same,’ wished to borrow from the bank, &c., money to enable them to make improvements in town. That to enable them to effect the loan, and guarantee repayment thereof to the amount of twenty thousand dollars and…
1Opinion of the Court
Catón, J.
This mortgage was executed for the purpose of guaranteeing the performance of a contract between the bank and the corporate authorities of Shawneetown, the terms of which are recited in the mortgage. The guarantors only pledged their property for the performance of such a contract as is there specified, and the mortgage cannot be forfeited by the violation of any other agreement.
The bill states, that the president and trustees of the town of Shawneetown, desired to loan of the bank a sum of money sufficient to enable them to make certain improvements, and that for the purpose of…
2Cited by24 opinions
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- McCartney v. RidgwayIllinois Supreme Court · 1895
- Finney v. CondonIllinois Supreme Court · 1877
- Price v. Dime Savings BankIllinois Supreme Court · 1888
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