Farwell v. Johnston
Appellate Court of Illinois
Memorandum.—Appeal from, the Circuit Court of Cook County; the Hon. Richard S. Tuthill, Judge, presiding. Heard in this court at the October term, 1894, and reversed in part with order. Statement of the Case.
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Memorandum.—Appeal from, the Circuit Court of Cook County; the Hon. Richard S. Tuthill, Judge, presiding. Heard in this court at the October term, 1894, and reversed in part with order. Statement of the Case. This is an appeal from an order entered by the Circuit Court of Cook County, disallowing to these appellants disbursements made by them in recovering, taking and defending possession of property upon which they held chattel mortgages, and in which mortgages it was provided that they should retain such expenditures from the proceeds of the sale of the mortgaged property. Madigan & Co.,…
1Opinion of the Court
Mb. Presiding Justice Waterman
delivered the opinion of the Court.
Under the clause of the mortgages that the mortgagees could sell the property, and out of the proceeds of the sale retain all costs and charges for taking, removing, keeping, storing, advertising and selling the property, which right was recognized in the agreement and order under which they turned the property, over to the receiver, the mortgagees were entitled to all expense by them necessarily incurred in taking the property from the possession of the assignee, Galpin.
The general rule is that a creditor holding security may…
2Cases cited2 opinions
- Furness v. Union National BankIllinois Supreme Court · 1893
- Furness v. Union National BankAppellate Court of Illinois · 1892