Ferguson v. Tallmadge
Illinois Supreme Court
This bill in chancery states, that in May, 1839, a joint stock company was formed at Aberdeen, Scotland, to loan money to persons in the United States, desirous to purchase lands at the government sales, particularly in Illinois, called “ The Aberdeen North American Investment and Loan Company.” Its affairs were under the direction of D. Chalmers, Littlejohn, Teates, Catto, Williamson, A. Smith, C. Chalmers, Farquahar and Foulerton, residing in Aberdeen and its vicinity.
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This bill in chancery states, that in May, 1839, a joint stock company was formed at Aberdeen, Scotland, to loan money to persons in the United States, desirous to purchase lands at the government sales, particularly in Illinois, called “ The Aberdeen North American Investment and Loan Company.” Its affairs were under the direction of D. Chalmers, Littlejohn, Teates, Catto, Williamson, A. Smith, C. Chalmers, Farquahar and Foulerton, residing in Aberdeen and its vicinity. On 10th May, 1839, these directors entered into an agreement under seal, with one William Taylor, then of Thomaston,…
1Opinion of the CourtCaton, C. J.
Admitting that the original arrangement between Tallmadge and Taylor amounted to a loan of money, and that the title was made to Taylor in trust for Tallmadge, and to secure the money loaned, and it does not advance the case for the complainant in the least, till he brings home notice of those facts to the subsequent purchasers. The papers, on their face, show simply an entry by Taylor of the land "at the land office, and afterwards, an agreement to sell the land to Tallmadge, on a credit of one, two, three and four years, making time of the essence of the contract. After the expiration of…
2Cited by1 opinion
- Maxfield v. PatchenIllinois Supreme Court · 1862