Shipherd v. Field

Citations

• 70 Ill. 438

Syllabus

<p>1. Agent—liability of 'agent loaning money, for not taking the security required,. If a party, engaged in the business of loaning money on real estate security, solicits money to loan, promising to take a first mortgage on real estate, in value double the sum loaned, and obtains the money, which he loans, taking a mortgage on re'al estate, which is subject to prior incumbrances, which are unknown to the party advancing the money, and under which the property mortgaged is sold, whereby the debt is lost, such agent will be responsible to the person advancing the money, in an action on the case.</p> <p>2. The fact, in such a case, that the mortgaged property was of double the value of all the incumbrances on it, will not relieve the agent of liability to his principal, who had no knowledge of any prior liens until the property was lost by sale under a prior deed of trust.</p> <p>3. Same—whether a delay in tendering securities to agent is sufficient to preclude a recovery. Where an agent loans his principal’s money, taking inadequate security therefor, in violation of his agreement, so that the same is lost, and he induces his principal to wait about a year, in the hope of being able to collect his money, this will dispense with an earlier offer to return the securities by the principal, to him, before bringing suit to recover for the loss sustained by him.</p> <p>4. Pleading—surplusage. Where matter in a pleading is nonsense, by being contradictory and repugnant to something precedent, the precedent matter which is sense shall not be defeated by the repugnancy which follows, but that which is contradictory shall be rejected, and this more especially after verdict.</p> <p>5. Abbest of judgment. A judgment will not be arrested for a defective allegation in a pleading, which, from the context, clearly appears to be a mere clerical error of the pleader.</p>