Board of Trade v. Buckingham

Citations

• 65 Ill. 72

Syllabus

<p>Warehouseman’s lien—how lost. After the great fire in Chicago, on the 8th and 9th clays of October, 1871, which destroyed and damaged much of the grain stored in that chy, and left the balance exposed to both fire and weather, the board of trade, acting in behalf of unknown owners and parties interested, and with the assent of the several warehousemen, took possession of the grain unconsumed, preserved and sold_the same for the benefit of the owners. Previous to the sale, the warehousemen agreed, in writing, with the board of trade, that the latter might sell, the former to receive two cents per bushel as accrued storage thereon. After the sale they claimed a lien on the fund for. charges for storage over and above the sum stipulated: Held, that, under the circumstances, they had lost their lien for storage, except for two cents a bushel; and that the expense incurred in preserving the grain was a proper charge to be deducted from the fund.</p>