First National Bank v. Commercial National Bank
Illinois Supreme Court
Appeal from the Appellate Court for the Second District ;—heard in that court on appeal from the County Court of Peoria County; the Hon. Samuel D. Wead, Judge, presiding. On June 9, 1892, the Transcript Publishing Company made its promissory note to one Arthur Keithley, for the sum of five thousand dollars, with interest at the rate of seven per cent per annum, due and payable two years from date.
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Appeal from the Appellate Court for the Second District ;—heard in that court on appeal from the County Court of Peoria County; the Hon. Samuel D. Wead, Judge, presiding. On June 9, 1892, the Transcript Publishing Company made its promissory note to one Arthur Keithley, for the sum of five thousand dollars, with interest at the rate of seven per cent per annum, due and payable two years from date. To secure the said indebtedness, the company executed a chattel mortgage on certain of its property. This note was by said Keithley, on the same day, endorsed and delivered to the First National…
1Opinion of the CourtJustice Phillips
All the assigned property had been sold and the proceeds-were in the possession of the assignee before any distribution was ordered. The sale included the mortgaged property as well as that not subject to priority of liens. The court recognized the right of the secured claims to be first paid out of the mortgaged property. The secured claims were the note secured by the mortgage of June 2, 1892, and the divers claims secured by the mortgage of June 21, 1892. The mortgaged property, when sold, paid in full the note secured by the mortgage of June 2, together with the expense incident to…
2Cases cited3 opinions
- In re BatesIllinois Supreme Court · 1886
- Furness v. Union National BankIllinois Supreme Court · 1893
- Yates v. DodgeIllinois Supreme Court · 1887
3Cited by5 opinions
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