Peoria Marine & Fire Insurance v. Botto

Citations

• 47 Ill. 516

Syllabus

<p>1. Contracts—rescission, duty of parly on. The general rule is, and as announced by this court in several cases, that a party can not rescind his contract without restoring to the other whatever he has received under it.</p> <p>2. Former decisions. Buchenau v. Horney, 12 Ill. 336; Smith v. Doty, 24 ib. 165, and Gehr v. Hagerman, 26 ib. 441, cited in support of the rule.</p> <p>3. Insurance — the policy and its conditions — of the power to cancel—return of unearned premium, a condition precedent. Where, by the conditions of a policy of insurance, the right to cancel the same is reserved to the company, upon the happening, or doing, of certain things therein enumerated, it is incumbent upon the coihpany, before a valid cancellation can be had, to tender to the assured the amount of the unearned premium, with the notice of such action,—the tender being precedent to the exercise of the right of cancellation.</p>