[DOWNLOAD] "Horney v. Hayes" by Supreme Court of Illinois * Book PDF Kindle ePub Free
eBook details
- Title: Horney v. Hayes
- Author : Supreme Court of Illinois
- Release Date : January 20, 1957
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 57 KB
Description
Rehearing denied May 20, 1957. The plaintiff, Ainsley E. Horney, who held a certificate of beneficial interest in a land trust, assigned it to defendant
Michael T. Hayes as security for a loan. The loan was not repaid at maturity; and Hayes, proceeding under a power of sale
conferred by the assignment, sold the certificate to defendant Edmund J. Walsh. The plaintiff thereafter brought suit in the
circuit court of Cook County to set aside the sale and certain subsequent conveyances, alleging that the loan was usurious,
that the sale was fraudulent, and that the transaction constitutes a mortgage of real estate, within the meaning of the statute
requiring foreclosure with right of redemption. (Ill. Rev. Stat. 1955, chap. 95, par. 23.) The cause was referred to a master,
who found that the loan was usurious, but that Walsh was a bona fide purchaser for value, that the sale was not fraudulent,
and that the certificate was personal property, a sale of which does not come within the purview of the statute. Plaintiff's
exceptions to the report were overruled, and a decree was entered finding usury, awarding the plaintiff a judgment against
Hayes for $600, and dismissing the suit in so far as it sought to set aside the sale. Plaintiff appeals from those portions
of the decree which deny relief. The appeal, to which defendant Hayes was not made a party, is brought directly to this court
on the theory that a freehold is involved.