Hough v. Cook County Land Co.

Citations

• 73 Ill. 23

Syllabus

<p>1. Corporation—corner of, to hold real estate. Where a corporation, created by the laws of this State, is authorized by its charter to purchase, receive conveyances for, and hold titles to land, but is prohibited from so purchasing and holding for other than a prescribed purpose, a deed executed to it by one having capacity to make a conveyance will vest the title in such corporation, and the question as to whether the corporation has exceeded its power in making the purchase, is one between the corporation and the Stale, with which the grantor has no concern.</p> <p>3. Same—•purchasing land in excess of its authority. The grantor in a deed to a corporation having power to purchase real estate, but which, by its charter, is prohibited from making purchases for other than a prescribed purpose, can not have the conveyance set aside and his contract rescinded, on the ground that the corporation, in taking the conveyance, did so for a purpose other than that prescribed, and had exceeded its power.</p> <p>3. Same—validity of title to land held. Where a corporation is authorized to receive conveyances of and hold title to real estate, but is prohibited from doing so for any but specified purposes, the question as to the validity of title to real estate conveyed to it can not be made to depend upon proof as to whether the land is held for such specific purpose or not. The title will vest in the corporation, and the question as to whether the corporation has exceeded its power, may be raised only by the State or by a stockholder.</p>