First National Securities Co. v. Ward

275 Ill. App. 521, 1934 Ill. App. LEXIS 429
CourtAppellate Court of Illinois
DecidedJune 15, 1934
DocketGen. No. 37,122
StatusPublished
Cited by3 cases

This text of 275 Ill. App. 521 (First National Securities Co. v. Ward) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
First National Securities Co. v. Ward, 275 Ill. App. 521, 1934 Ill. App. LEXIS 429 (Ill. Ct. App. 1934).

Opinion

Mr. Justice Gbidley

delivered the opinion of the court.

In a first class action in assumpsit, commenced in the municipal court of Chicago on May 3, 1932, and based upon a written contract for the purchase by defendants of certain improved real estate in Lake county, Illinois, there was a trial without a jury during June, 1933, resulting in the court finding the issues against plaintiff, and on July 12, 1933, entering judgment on the finding against plaintiff for costs. The present appeal followed.

In plaintiff’s amended statement of claim filed September 21, 1932, it is alleged in substance:

1. That on July 25, 1929, Edward B. Erickson and wife, as first parties, and defendants, as second parties, entered into a contract whereby defendants agreed to purchase from the Ericksons certain real estate (describing it), and to pay to them therefor the sum of $12,600, payable by the assumption óf a first mortgage of $8,000, and by the payment of $4,608 in monthly instalments; that on March 8, 1930, the contract “was amended by increasing the purchase price to $12,983,” payable by the assumption of said first mortgage, “and by the payment of $4,983, payable $90 on the first day of each and every month thereafter until the expiration date of said mortgage, when the unpaid balance became due and payable, with interest at 6 per cent per annum, payable monthly.” (Copy of contract, as amended, attached to and made a part of the statement of claim.)

2. That on January 20, 1931, the Ericksons assigned the contract as amended to plaintiff. (Copy of the written assignment attached to and made a part of the statement of claim.)

3. That defendants paid all monthly instalments of $90, up to and including the one due on April 1, 1931.

4. That payments for the 12 months, from May, 1931, to April, 1932, inclusive, are past due and have not been paid.

5. That because of the nonpayment of the 12 instalments there is due to plaintiff the sum of $1,080, plus interest.

6. That defendants also failed to pay the instalment due on May 1, 1932, in the sum of $90, “which sum is not included in the amount claimed by plaintiff herein”; that because of the default in the payment of said one instalment due May 1, 1932, “plaintiff, after the filing of the instant cause, commenced forcible detainer proceedings in a justice court for Cuba township, Lake County, Illinois, and on June 23, 1932, secured judgment for possession of said premises, and on June 28, 1932, obtained possession of said premises”; and that “said proceedings do not abate or bar this proceeding.”

From the copy of the contract as amended, attached to and made a part of plaintiff’s statement of claim, it appears that it is dated July 25, 1929; that the Erick-sons are designated as first parties and defendants (the Wards) as second parties; and that some of its provisions are as follows in substance:

That if the second parties (the Wards) shall “first make the payments and perform the covenants hereinafter mentioned,” to be made and performed by them, the “first parties (the Ericksons) covenant and agree to convey or cause to be conveyed” to the second parties, in fee simple, by good and sufficient warranty deed, the real estate in question (describing it), subject to taxes for the year 1929 and subsequent years, special assessments, building line restrictions, etc., and also “subject to a first mortgage of $8,000, dated -, due five years after date thereof, bearing interest at the rate of 6 per cent per annum, payable semi-annually,” which mortgage “said second parties assume and agree to pay' as a part of the purchase price hereof, which is $12,983. ’ ’

That in addition to paying said mortgage, the “second parties agree to pay to said first parties, at the office of the First National Bank, Barrington, Illinois, . . . the sum of $4,983, with interest at 6 per cent per annum, payable monthly, viz., $90 on October 1, 1929, and $90 on or before the first day of each month succeeding thereafter, until the expiration date of the first mortgage, when the unpaid balance shall become due and payable.”

“That if said second party fails to make either of the payments, or any part thereof, or fails to perform any of the covenants on the part of said second party hereby made and entered into, this contract shall, at the option of said, first party, be forfeited and determined and said second party shall forfeit all payments made on this contract, and such payments shall be retained by said first party in full satisfaction and in liquidation of all damages sustained, and said first party shall have the right to re-enter and take possession of the premises aforesaid; or, if said second party fails to make either of the payments or any part thereof, as hereinbefore agreed, and if said default shall continue for the period of sixty days, then at the option of first party all of the deferred payments hereunder shall become and be immediately due and payable. ’ ’

In defendants’ affidavit of merits, filed November 23, 1932, they admitted the execution of said contract as amended, but denied plaintiff’s right to maintain the present action. They alleged that on June 17, 1932, plaintiff commenced a forcible detainer suit against defendants before a justice of the peace in Lake county; that defendants were served with process in the suit; that a hearing was had on June 23,1932, and said justice found in favor of plaintiff and rendered judgment in its favor for the possession of the real estate in question; that on July 29, 1932, defendants surrendered possession of the property, and that by reason thereof and because of the express terms of said amended contract “the same operated in full satisfaction and in liquidation of all damages sustained and in full of all claims for rent thereunder”; that by reason of plaintiff’s re-entry and taking of possession, and because of the terms of the contract, “said contract was forfeited and determined by plaintiff, and all of its terms and provisions were likewise terminated, and no action can be maintained at law upon the contract. ’ ’ And defendants denied that they are now indebted to plaintiff in said sum of $1,080, or in any sum, by reason of the contract.

The bill of exceptions discloses that at the beginning of the trial defendants’ attorney stated that he was willing to admit the allegations of plaintiff’s amended statement of claim, but that he wished to introduce on defendant’s behalf three exhibits, viz., (1 and 2) two notices served by plaintiff on defendants and (3) a photostatic copy of the forcible detainer proceedings before the justice of the peace of Lake county. Thereupon plaintiff’s attorney admitted that the two written notices had been signed by plaintiff and served by it on defendants on the days of their respective dates, and that the copy of the forcible detainer proceedings was correct. The exhibits (hereinafter mentioned) were admitted in evidence, and no further evidence was offered by either party. Thereupon, after arguments of counsel, plaintiff submitted to the court two “special findings and holdings,” the first of which was marked, “Held,” but the second was marked “Refused,” viz.:

“The court finds that plaintiff forfeited the contract sued upon, on account of defendant’s failure to pay the installment due May 1st, 1932,” (Held)

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Bluebook (online)
275 Ill. App. 521, 1934 Ill. App. LEXIS 429, Counsel Stack Legal Research, https://law.counselstack.com/opinion/first-national-securities-co-v-ward-illappct-1934.