International Bank v. Bowen

Citations

• 80 Ill. 541

Syllabus

<p>1. Estoppel—equitable. Where an act is done or a statement made by a party, which can not be contradicted or contravened without fraud on his part and injury to others whose conduct has been influenced by the act or statement, the character of an estoppel will attach to what would otherwise be mere matter of evidence, and the party will be concluded from denying or disproving it.</p> <p>2. Same—to show that notes secured by trust deed were paid. Where a parly purchased land upon which there was a deed .of trust to secure the payment of two notes of $5000 each, the payment of which he assumed, and which he did pay, and obtained a release from the trustee, and after-wards procured a loan of $5000 of a bank, giving these notes as collateral security, the bank having no notice of their payment or of the release, and such loan was procured by his and others’ acts and representations leading to the belief that the notes were unpaid, and the deed of trust still a valid and subsisting lien: Held, that the borrower and those co-operating with Mm to create such belief and cause the loan, were, in equity, estopped from showing and insisting upon the fact of the payment of the notes, and the release, and that the bank was entitled to a foreclosure of the trust deed, to the extent of the sum due on such loan, but not for other indebtedness of the borrower.</p> <p>3. Payment—notice. Where a note secured by deed of trust on land, when offered as collateral security for a loan, had stamped upon it, “ Cook County National Bank, Chicago—Paid June 16 ”—which words were erased by a pen having been drawn through them, and this it was insisted was notice of its payment, it was held, that being erased, the reasonable inference would be, that these words had been placed there by mistake, and the procuring of the written consent of two other parties interested indorsed on the note, consenting that the time of its payment might be extended for one year, was also held to be inconsistent wi