Belden v. Perkins

Citations

• 78 Ill. 449

Syllabus

<p>1. Assumpsit—¡for money had and received. In an action of assumpsit for money had and received, the main inquiry is, whether the defendant holds money which, in equity and good conscience, belongs to the plaintiff.</p> <p>2. It is frequently called an equitable action, and it approaches nearer to a bill in equity than any other common law action, and, indeed, has many of the advantages, without the formalities and dilatory proceedings of a chancery suit.</p> <p>3. If a plaintiff delivers property to his creditor, to be sold by the creditor at his option, and the creditor sells to a third party, who converts the property into money, such plaintiff can not recover in a suit against such purchaser for money had and received.</p> <p>4. Pledge—what constitutes. Where a tenant placed a lot of corn in the hands of the administrator of his landlord, as security for the payment of rent due, it was held, the legal status was that of pledged property; and the mere fact that the pledgor had the right to determine the time when the corn should be sold, did not affect the legal character of the contract.</p> <p>5. Measure op damages—where pledged property has leen sold. Where property held in pledge, has been sold by the pledgee, without notice to or the consent of the pledgor, when, by the terms of the contract under which the property was pledged, the pledgor had the right to determine the time when the sale should be made, in an action by the pledgor against the purchaser from the pledgee for money had and received, the plaintiff will be entitled to the market value of the property at the time it was converted into money by the defendant.</p> <p>6. Recoupment. If the owner of property delivers the same to his creditor, as security for a debt, but reserves the exclusive right to determine when and how it shall be sold, and the creditor sells it without the knowledge or consent of the owner, in an action by the owner against the creditor for money had and received, the credit