Hutchinson v. Crane

Citations

• 100 Ill. 269
• 1881 Ill. LEXIS 88

Syllabus

<p>1. Pabty—holder of notes indorsed m blank. Where the payee of a note delivers the same, indorsed in blank, to indemnify a member of a firm as his security, and suit in equity is afterwards brought in the name of the firm to enforce payment of such note, the maker of the note can not be heard to object that the suit is brought in the name of the firm-instead of that of the individual partner. They will be presumed to be the legal holders as against the maker, who has no interest as to the party entitled to payment.</p> <p>2. Assignment—of note by vendor of land, carries his security. Where a bond is given for a deed to land to be made upon payment of the notes given for the unpaid price, the bond and notes will constitute one contract, and they will be treated in equity as a security in the nature of a mortgage, and a sale and assignment of the notes will pass the security, which may be enforced in the name of the assignee.</p> <p>3. Vendor and purchaser—latter obtaining deed by fraud. Where the purchaser of land under a bond for a deed induces his vendor to make a deed, to be left with the assignee of the notes given for the purchase money, for delivery only upon payment of such notes, and fraudulently obtains possession of such deed without payment, and puts the same upon record, such deed will be set aside as to him and a purchaser from him with notice of the fraud, and the land be ordered sold for the payment of the notes.</p>