Warren v. Tyler

Citations

• 81 Ill. 15

Syllabus

<p>1. Fraud—effect of rescission of contract for. Where a creditor, after settlement, is induced by the fraudulent representations of his debtor to take a conveyance of lands in payment, and after discovering the fraud rescinds the contract, by tendering back a conveyance, and bringing suit on his debt, he will have the right to recover the entire debt, without any deduction for the actual value of the lands. ></p> <p>3. Same—time in which to rescind contract for fraud. A suit brought in rescission of a contract for fraud, Eighteen months after its consummation, where the party had not discovered the fraud until some time after, and required time to procure evidence of the fact, is not brought too late.</p> <p>3. Interest—at what rate recoverable. Where, prior to a settlement, a firm was in the habit of charging a customer seven per cent interest, in their, dealings with him, which he always paid: Held, in the absence of proof to the contrary, that an agreement to pay that rate might be inferred from such previous dealings.</p> <p>4. Same—-from what time allowed on rescission of contract for fraud. When a party rescinds a contract whereby he is induced to accept unimproved lands in settlement of a debt, through the fraudulent representations of his debtor, made with a knowledge of their falsity, and upon which the creditor relied, he will be entitled to the interest from the time of the previous settlement, the same as though the contract of purchase had never been made, and will not be restricted to the time when he tendered a reconveyance, he having received no rents and profits to be deducted.</p>