Barbour v. White

Citations

• 37 Ill. 164

Syllabus

<p>1. Chattel Mortgage — rights of assignee. The assignee of a chattel mortgage may, upon condition broken, maintain an action of replevin for the recovery of the mortgaged property.</p> <p>2. Same. Where a chattel mortgage provided that on the happening of certain contingencies, the notes secured by it, though not due by their terms, should become due and payable, and the mortgagee may elect to take possession of the mortgaged property, he is not compelled to take possession in order to preserve his lien, but has the election either to treat the notes as due, or let them stand on their original terms, as he may desire.</p> <p>3. Same. When several notes, maturing at different dates, are secured by a chattel mortgage, and the conditions of the mortgage are broken on default in payment of any one of the notes, it is nevertheless optional with the mortgagee to take possession on the first default, or to await the maturity of the last note.</p> <p>4. Same. Although the assignee of a mortgage takes it subject to all equities between the original parties, he does not take subject to the latent equities of third persons of which he had no notice.</p> <p>5. Instructions — as to reasonable diligence. When the court instructs a jury that the mortgagee in a chattel mortgage must take possession in a reasonable time, it should also inform the jury what facts, in reference to the case on trial, would constitute reasonable diligence.</p> <p>6. Writ — levy. Where the furniture of a hotel is to be levied on, an officer is to be considered as having made the levy from the time he places a deputy o.r agent in possession.</p> <p>7. Chattel Mortgage — diligence by mortgagee. Where notes, payable in the city of New York, are secured by a chattel mortgage on property in Chicago, the agent of the mortgagee in Chicago would have until the next day after being advised of non-payment in due course of mail, to sue out a writ of replevin, provided the advice of non-payment is sent by mail wit