Chicago & Calumet Rolling Mill Co. v. Scully

Citations

• 141 Ill. 408
• 30 N.E. 1062
• 1892 Ill. LEXIS 992

Syllabus

<p>1. Conveyance—as security—-when set aside. A deed made by a-corporation to its president to secure him in a sum of money advanced and a further advance to be made, and to secure a conveyance of a tract of land to the company, if the execution of the deed so made by the-corporation was not procured by fraud, it will be binding on the corporation, and will not be set aside for a want of consideration until the-moneys so advanced are repaid, with interest.</p> <p>2. Redemption— land conveyed as security — terms of redemption. On a bill to redeem from a mortgage, as a general rule, the court should decree that complainant be allowed to redeem upon payment of the sum found due, within a reasonable time to be fixed, together with the costs,=and that in default of such payment the bill be dismissed.</p> <p>3. But on bill to set aside a deed on the ground that it was obtained by fraud and without consideration, the complainant will not be entitled to a decree allowing redemption. In such case, a decree finding that the deed was given to secure the payment of money, and the amount due, and requiring the payment thereof within a time fixed, and on default of payment decreeing that such deed shall become absolute, is more favorable to the complainant than he is entitled to under such a bill.</p>