Tooke v. Newman

Citations

• 75 Ill. 215

Syllabus

<p>1. Usury—in equity party seeking relief from must offer to pay debt and legal interest. Where a person applies to equity for relief against usurious contracts, he must tender or offer to pay the principal and the legal rate of interest, or the court will not take jurisdiction.</p> <p>2. Promissory note — debt presumed to be due payee. Where a promissory note is made payable to a married woman, it will be presumed, until rebutted, that the money is due to her and not to her husband, and the fact that the money for which the note was given, was loaned by the husband, will not rebut such presumption.</p> <p>3. Same—holder of, as collateral, may collect whole sum due, without regard to his debt. Where a person holds a promissory note as collateral security for a smaller debt due him from the pledgor, he may collect the entire sum due thereon, even though it is in excess of his demand. It matters not to the maker what the holder paid for his note, or how the pledgor and pledgee shall afterward settle.</p> <p>4. Deed oe trust — insolvency of trustee no ground for restraining a sale by. A bill to restrain the sale of property under a deed of trust, among other reasons alleged that the trustee was insolvent, but failed to show that he became so after he was appointed, or that there was danger he would misapply the moneys arising from the sale: Held, that this afforded no ground for the relief sought.</p> <p>5. Same—notice of sale, construed in respect to the notes for which the sale would be made. Where a notice of sale under a deed of trust described three notes secured, and recited that the trustee had been called upon to sell to pay two of them, it was held that no inference could be had from the notice that the trustee intended selling for all of the notes. One of them ‘not being due, it would be presumed he intended to do his duty and not violate it.</p> <p>6. Same — notice giving longer time than required. Where a deed of trust required in case of sale a prior noti