Illinois Land & Loan Co. v. Speyer

27 N.E. 931, 138 Ill. 137
CourtIllinois Supreme Court
DecidedJune 15, 1891
StatusPublished
Cited by4 cases

This text of 27 N.E. 931 (Illinois Land & Loan Co. v. Speyer) is published on Counsel Stack Legal Research, covering Illinois Supreme Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Illinois Land & Loan Co. v. Speyer, 27 N.E. 931, 138 Ill. 137 (Ill. 1891).

Opinion

Mr. Chief Justice Magruder

delivered the opinion of the Court:

This cause was heard by the Circuit Court of Cook County upon the joint and several general demurrer of the defendants below, who are the appellees here, to the amended bill of the appellant company, the complainant below. The Circuit Court sustained the demurrer and dismissed the cause at complainant’s costs. From such decree sustaining the demurrer and dismissing the bill the present appeal is prosecuted.,

Before the filing of the original bill, the defendant Munhoven had entered into a contract with the defendant Speyer, for the conveyance to the latter of the former’s interest in a certain tract of land, which contract had been filed for record “thereby clouding” the Munhoven title. The original bill was filed by the appellant company and the appellee Munhoven, as co-complainants, against the appellee Speyer as sole defendant; it set up the substance of the agreement of April 25,!

1889, between the Company and Munhoven as hereinafter set forth, and sought to have the contract with Speyer set aside for fraud. Speyer demurred to the original bill but his demurrer was overruled; he then answered it, and exceptions to his answer were filed and overruled, and replication was filed to* the answer.

While the cause stood thus at issue, Munhoven filed a petition praying that he be permitted to dismiss the bill “so far as it concerns himself, ” or that his “name be stricken out as one of the complainants” therein. The petition refers to the agreement of April 25, 1889, between the Company and Munhoven, which is attached as an exhibit to the original bill, and is as follows:

“These articles of agreement witnesseth, that, whereas, there are various conflicting rights, titles and interests in and to the land herein fully described; and whereas, there is a suit in ejectment pending in court by the Illinois Land and Loan Company, a corporation under the laws of Illinois, against J. Peter Munhoven and others; and whereas, said Munhoven, party of the first part hereto, and said Illinois Land and Loan Company, party of the second part hereto, have mutually agreed to compromise, adjust and settle all of their differences in manner following,—that is to say, that said party of the first part hereby covenants and agrees to convey unto said party of the second part, by his good and sufficient special warranty deed, all of his rights, titles and interests in and to said premises obtained from the government of the United. States, subject only to the agreement or writing 'hereinafter mentioned with one Speyer to be removed and the mortgage or trust deed herein described; said premises being described as follows: * * * And to fulfill the further agreements herein designated to be performed by him, in consideration whereof said party of the second part covenants and agrees to pay said party of the first part the sum of five thousand dollars ($5000) in cash, less deductions herein named, if any, upon the delivery of said deed, which is to be made as soon as said Speyer writing is canceled or set aside.

“Said party of the second part also agrees to guarantee and protect said party of the first part against the one certain note signed by him, dated May 26,1885, for one thousand dollars, payable to the order of William and Henry J. Kemper, and secured on said premises, of even date with said note, by trust deed. Said party of the first part is to receive, and said party of the second part agrees to convey unto him, by warranty deed, a piece of ground of the size of fifty feet by one hundred and twenty-five feet, to include the piece or parcel of land on which the house of said first party now stands, or if said party is unable to make perfect title thereto, then to convey other land as near thereto as perfect title shall be in said second party; but this conveyance is not to be made unless said Speyer writing is first canceled or set aside.

“Said party of the first part further agrees, contingent as last aforesaid, to pay said party of the first part the further sum of one thousand dollars, provided always that said party of the second part shall sell said real estate to be conveyed to it, as herein provided, for enough over and above all costs and expenses it may be put to in the purchase of said real estate, or incident to the ownership thereof, so that it can pay the same without loss, and such payment is not to be required until after a sale of said land at the pleasure of said party of the second part, regardless of said party of the first part. In computing» such costs, all tax claims are to be figured the same as if redemptions were to be made by persons under age, with interest at ten per cent per annum thereon, and costs of deed figured at five dollars per lot in Bussell’s subdivision of each deed, and like interest at ten per cent per annum.

“It is further agreed, that whereas, on or about March 18, 1889, said party of the first part signed with one Julius Speyer an agreement concerning said real estate first above described, which writing has not been fulfilled as it is claimed by said party of the first part, and is subject to other objections; ancl whereas, said party of the second part requires a release and quitclaim of all interest said Speyer may have acquired: now, in case said party of the first part shall fail to secure the same within five days hereof, then said party of the second part is hereby authorized and empowered, at the cost of said party of the first part, to begin suit to cancel and annul said agreement in the name of said party of the first part, or jointly with said party of the second part, or otherwise, or to defend any suit said Speyer or his heirs or assigns may commence, and file a cross-bill therein, or take any other proper proceeding. In case said agreement with Speyer is sustained, then said party of the second part is to have and receive, out of any payments to be made under said Speyer writing, the full payment of all costs of any legal proceedings and other expenses or outlays it may be put to on account of this contract, with interest, including twenty-five dollars per month which it is to advance to said party of the first part while said legal proceedings are undetermined and the validity of said agreement unsettled. In case said party of the second part is successful in setting aside said agreement, its outlays on account thereof are to be borne by said first party.

“Said party of the first part agrees that subject to said Speyer agreement he has done nothing to affect the title he obtained from the government, and there are no liens upon such rights except said'mortgage or trust deed.

“Witness our hands and seals, at Chicago, this 25th day of April, 1889.”

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Bluebook (online)
27 N.E. 931, 138 Ill. 137, Counsel Stack Legal Research, https://law.counselstack.com/opinion/illinois-land-loan-co-v-speyer-ill-1891.