Hall v. Hoxsey

Citations

• 84 Ill. 616

Syllabus

<p>1. Surety—right to home creditor avail of collaterals. Where a' creditor receives notes, mortgages, or property, in pledge for a debt, they are regarded as an indemnity to the creditor and to the surety of the debtor, and the surety will have the right to exact of the creditor proper care and diligence in the management and collection of such collateral security, and any waste or misapplication of the collaterals will operate as a release of the surety to the amount of the loss actually sustained.</p> <p>2. Same—rule does not apply to security given by law. Where a party, in leasing land, takes notes with personal security for the payment of the rent, and also reserves in his lease, the right of distress, the lessor is not bound to assert the lien thus secured, but may collect the notes of the surety. The surety in such case has no interest in the landlord’s lien.</p> <p>3. Subro&ation—by surety of tenant to landlord’s rights. If the surety of a tenant should pay the rent due the landlord, it is intimated that the surety might be subrogated to all the rights of the landlord as to the unexpired term, including the right to distrain.</p> <p>4. Administration—allowance of claim, not due. Under the statute, notes or other demands not due may be allowed against the estate of a deceased person, on making a proper rebate of interest.</p>