Loomis v. Stave

Citations

• 72 Ill. 623

Syllabus

<p>1. Pledge—right to sell the same after default. Where a party deposited certain township bonds as collateral security for the repayment of certain sums of money borrowed, it was held,, that the lender, with whom they were deposited, had the right to sell the same on default of payment, without any personal notice to the pledgor of an intention to do so, it being so stipulated in the agreement.</p> <p>2. Trover—when it lies. Where bonds, deposited as collateral security, are sold in pursuance with the terms of the agreement of the parties at the time they were deposited, trover will not lie against the depositary to recover any surplus in his hands belonging to the depositor.</p> <p>3. Tender—when too late. Where a tender is made of a debt after its satisfaction by the sale, properly made, of collaterals deposited, the tender will be too late.</p> <p>4. Measure of damages—in trover to recover collaterals. In an action of trover by a debtor for the recovery of bonds' pledged by him as collateral security for his debt, and which lie claimed had been improperly sold, the measure of damages is not the highest price which had been paid for such bonds in a particular case—the true test is, their market value.</p>