Sedgwick v. Johnson

Citations

• 107 Ill. 385
• 1883 Ill. LEXIS 274

Syllabus

<p>1. Party—equitable assignee of note secured by mortgage may foreclose. Where a party makes notes payable to his own order, secured by mortgage on real estate, and delivers the same to his surety upon another obligation, as indemnity against loss by reason of the suretyship, without indorsement, the surety having been compelled to pay as such, may maintain a bill to foreclose the mortgage given by the maker, without the correction of any mistake growing out of a failure to indorse the notes. An equitable assignment of a note secured by mortgage will authorize the assignee to foreclose the mortgage.</p> <p>2. Appeal—whether more than $1000 is involved. A person gave his sureties on his official bond, as indemnity, his two notes, one for $1000 and the other for $1500, secured by mortgage on real estate.. The sureties having been compelled to pay money for him on his bond, and being sued in another suit on the bond, and threatened with others, filed their bill to foreclose the mortgage, making a prior mortgagee a party. The court found the sums due on both mortgages at their face, and ordered sale of the premises for over $3000, out of which was to be paid the prior mortgage (about $600) and the complainants $274.35, then due them, and ordered the balance of the proceeds of sale to be brought into court, to abide its further order in case of any further payments by the complainants. This decree was affirmed by the Appellate Court, and the mortgagor appealed to this court: Held, that the amount actually involved in the suit was the $600, to be paid on the prior mortgage, together with the $274.35 to reimburse the complainants, which aggregate less than $1000, so the appeal would not lie.</p>