Cool v. Phillips & Carmichael

Citations

• 66 Ill. 216

Syllabus

<p>1. Wabehouse beoeipt—as evidence of ownership. Where one, having an elevator, and in the habit of purchasing grain for others, gave a warehouse receipt stating that he had received a lot of corn on storage for the holders of the receipt, in well covered cribs, and agreeing to hold the same for such holders, subject to their order, at the end of which were these words: “ Subject to their order, for all advances of money on the same:” Held, that the latter words did not convert the receipt into a mere pledge, and render the corn liable to an execution against the party giving it, issued subsequently to the date of the receipt.</p> <p>2. Ownership—corn purchased as agent for another. Where a person engaged in the grain business for himself and others, purchased and held a lot of corn for parties who advanced him the money for that purpose, it was held, that the corn was the property of the parties advancing the money, and that the agent had no interest in it subject to execution.</p> <p>3. Fraud—as against creditors. Where the owner of an elevator had money advanced to him by a third party, with which to buy and hold for such party alot of corn, the fact that such agent received corn in payment of debts due him, as a means of collecting the same, and for that purpose paid more than the market value, but only charged his principal with the market value, will not necessarily render the transaction fraudulent as to creditors, and subject such corn to execution subsequently issued against the agent.</p>