Chandler v. Higgins

Citations

• 109 Ill. 602

Syllabus

<p>1. Satisfaction—by levy on personal property—how far that will operate as a satisfaction. The levy of an execution upon personal property of value sufficient to satisfy the debt, operates as a satisfaction for the time being, but it is not an absolute satisfaction. If on a sale enough is not realized to discharge the debt, or if the property is returned to the execution debtor, and the levy released by his consent, or if by some act of the execution debtor the fruits of the levy are lost to the creditor, there will be no satisfaction of the judgment and execution.</p> <p>2. Assignment of judgment—redemption. An assignment of a judgment may be made so long as anything remains due thereon, and a valid redemption may be made under an alias execution issued thereon, from a sale under a senior judgment.</p> <p>3. Same—transfer of bankrupt’s interest, after limitation. After the Statute of Limitations has run against an assignee in bankruptcy, an assignment of an interest in a judgment held by the bankrupt can not be called in question.</p> <p>4. Payment by surety—keeping judgment alive for his indemnity. The law is well settled that a surety against whom a judgment is rendered, with his principal, may advance the money to the creditor, and have the judgment assigned to a third party, and kept alive for his security.</p> <p>5. Same—in case of partners, as sureties for each other. Where one partner, on the dissolution of the firm, assumes, for a consideration, to pay the firm debts, as between themselves the other partners are sureties for him, and on judgment against all, those who are thus sureties may advance the money to the creditor, and have his judgment assigned to a third party, to be kept alive for their indemnity; and this will not operate as a satisfaction of the judgment.</p> <p>6. Redemption—by judgment creditors—statute liberally construed. A judgment creditor may redeem from a sale or sales made under senior judgments. The policy of the law favors such re