Fawsett v. National Life Ins. Co. of United States
Illinois Supreme Court
Appeal from the Appellate Court for the First District; —heard in that court on appeal from the Superior Court of Cook county; the Hon. Samuel M. Moore, Judge, presiding.
1Opinion of the CourtJustice Ceaig
On the 27th day of August, 1872, The South Chicago Land and Building Association executed and delivered to A. F. Fawsett, payable to his order, six promissory notes, one for §7375, due in two years, and five for $8125 each, due in three, four, five, six aud seven years, all bearing interest at eight per cent, payable annually. These notes were secured by a trust deed, given to N. S. Smith, on certain real estate in Cook county.
In January, 1873, Fawsett, who was at the time a stockholder in the Globe Insurance Company of Chicago, pledged all of the notes to the First National Bank of Chicago,…
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