Iglehart v. Bierce

Citations

• 36 Ill. 133

Syllabus

<p>1. Condition precedent—what constitutes. A party who was indebted to a bank, which had become insolvent and its affairs placed in the hands of receivers, executed to the receivers, in compromise of the debt, a bond for a sum less than the original debt, with a proviso that if the receivers should not obtain the ratification of the compromise by a certain designated court, the bond should be void. In a suit to foreclose a mortgage given to secure the bond, it was held to be incumbent on the mortgagees to aver and prove a full compliance on their part by showing that tire ratification was obtained. The validity of the mortgage depended on this.</p> <p>2. Same — must be performed according to the terms stipulated. The terms of the compromise were, that the debtor was to pay a given sum, five hundred dollars in cash, and the residue in five equal annual payments; the terms of the compromise, as it appeared to have been ratified by the court, were, that five hundred dollars were to be paid down, and the residue in three equal annual installments. This was a ratification of a contract different in its terms from the one made by the receivers, and did not constitute a compliance with the condition precedent to their right of recovery.</p> <p>8. Parties—jurisdiction — who may sue in the courts of this State—receivers appointed in another State. Where a bond and mortgage have been executed to the receiver of the assets of an insolvent bank, appointed in another State, such receiver may have his remedy in the courts of this State to enforce their payment.</p> <p>4. Same — of the rights of the successor of such receiver. And the successor of such receiver, appointed by the same authority, to whom the assets of the bank were transferred, may resort to the courts of this State to enforce a bond and mortgage given to the original receiver.</p> <p>6. Same—parties at law and in equity—equitable assignees. As to such bond and mortgage executed to the original receiver, his succes