Tompkins v. Fifth National Bank

Citations

• 53 Ill. 57

Syllabus

<p>1. Satisfaction of a judgment—what amounts to. Payment of a judgment by one of two joint defendants operates as an extinguishment of the same.</p> <p>3. A & B, being partners, became indebted to the Fifth National Bank of Chicago, and executed their note in favor of the bank for that sum of money, but afterward becoming insolvent, the bank, at the instance of B, sued out an attachment against the firm, levying the same on a lot, the individual property of A, and obtained judgment. B deposited with the bank his individual securities and cash as collaterals to secure the judgment. Afterward, the bank applied a portion of the collaterals, deposited by B, on account of the note of A & B, balancing the note account, and B withdrew the remainder of his deposits. Subsequently, the bank assigned the judgment to C, who claims to have paid the sum of $733 for the same, A, in the meantime, having conveyed the lot by warranty deed to D: Held, upon a bill in chancery being filed by D to remove the cloud upon her title interposed by said judgment, that the appropriation by the bank of the collaterals deposited by B on account of the note, operated as a satisfaction and extinguishment of the judgment.</p>