Walker v. Dement

Citations

• 42 Ill. 272

Syllabus

<p>1. Witness—competency—when to object. If it be alleged that a witness, whose deposition has been taken in a suit in chancery, is incompetent, on the ground of interest, the objection cannot he made for the first time in the appellate court. It should he made before the hearing, in the court below, by motion to suppress the deposition.</p> <p>3. Same — whether a party in chaneery is a competent witness. One of several defendants in chancery is a competent witness against Ms co-defendants, even if he has an interest in the event of the suit, if it be not against the party whose interests are sought to be prejudiced by Ms testimony.</p> <p>3. Contract —what may be the subject of contract—giving a preference to the last of a series of notes secured by mortgage. It is competent for the holder of several notes, falling due at different times, wMch are secured by mortgage, in transferring those last maturing, to stipulate with the assignee, that he shall hold a lien on the mortgaged premises for the security of the notes so transferred, prior to that retained for the security of the notes first maturing. Such a contract will he binding as between the parties, and all persons having notice thereof.</p> <p>4. Assignee of notes—when chargeable with notice of prior equities—and when subject thereto. WMle the purchaser of a note, before maturity, without notice, will he protected against all defenses to the note, still, if it is secured by mortgage, or other collateral security, the assignment will not cut off prior equities against the mortgage or collateral fund, although such equities he secret and latent.</p> <p>5. So, where the holder of several notes maturing at different times, wMch are secured by mortgage, transfers those last maturing, under an agreement with the assignee, that he shall hold a preferred lien upon the mortgaged premises for the security of the notes thus assigned, as against the notes first maturing, which are retained hy the mortgagee, a subsequent