Waterman v. Hall

270 Ill. App. 558, 1933 Ill. App. LEXIS 550
CourtAppellate Court of Illinois
DecidedMay 23, 1933
DocketGen. No. 36,300
StatusPublished

This text of 270 Ill. App. 558 (Waterman v. Hall) 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
Waterman v. Hall, 270 Ill. App. 558, 1933 Ill. App. LEXIS 550 (Ill. Ct. App. 1933).

Opinion

Mr. Justice Sullivan

delivered the opinion of the court.

Upon the appointment of the Chicago Title & Trust Company as conservator of the estate of Arba N. Waterman, it filed a bill in equity to cancel certain deeds from Waterman to Carleton Hudson. After Waterman’s death his half brother, Noyes F. Waterman, filed a bill seeking* in part the same relief and in this case the Moody church in its cross-bill also included a prayer that Waterman’s conveyances of this real estate to Hudson be canceled. These causes were later consolidated. Later, attorneys Ben M. Smith and Frederick L. Fake (hereinafter referred to as the petitioners) were granted leave to file an intervening petition through which they sought to impress a lien on the real estate in question by virtue of a judgment they had obtained against Hudson. Subsequently and prior to a determination of the issue presented in the consolidated case the petitioners caused the sheriff to levy an execution against certain of this real estate. In the meantime the Chicago Title & Trust Company, as trustee, had conveyed this particular parcel of the real estate and the then owners, Barney Krom, Sadie Krom and Arthur Krom filed a supplemental bill in which the Moody church and the Chicago Title & Trust Company, individually and as trustee joined, seeking to enjoin the sale under the sheriff’s levy and repeating the prayer of the original bills and cross-bill that the deeds from Waterman to Hudson be canceled. A temporary order was entered enjoining the sale and the cause proceeded to trial. A decree was entered dissolving the temporary injunction, approving the validity of the deeds from Waterman to Hudson, confirming the lien of the petitioner’s judgment against Hudson on the real estate and finding that no fiduciary relationship existed between Hudson and Waterman. This appeal followed.

The following agreement "for the sale of this real estate which was not recorded until June 22, 1916, was made between Arba N. Waterman and Carleton Hudson:

“This agreement, made this 19th day of August, 1911, between Arba N. Waterman, of the City of Chicago, county of Cook and State of Illinois, party of the first part, and Carleton Hudson, of the same place, party of the second part:

“Witnesseth: That Whereas, the party of the first part is the owner, .among other property, of the following described real estate in the City of Chicago, county of Cook and State of Illinois, to-wit: (location, size and character of property follows.)

“Whereas, a large portion of the same is unimproved and produces no income, and that which is improved is not bringing a satisfactory income; and

“Whereas, the taxes and special assessments and other expenses of said real estate have been burdensome to the party of the first part; and

“Whereas, the said vacant property should be improved and the buildings on the improved property remodeled or replaced with modern apartment buildings to yield a revenue commensurate with its value; and

“Whereas, owing to the advancing age of the party of the first part it is not desirable for said party to attempt to make the improvements; and

“Whereas, said party of the second part has rendered a large amount of services in connection with said property, without compensation, and is familiar with said property; and

“Whereas, it is the desire of said party of the first part to gradually withdraw from active business and to provide for a definite income for a number of years;

“Now, Therefore, In Consideration of The Premises and the further consideration of the loaning on demand of the party of the first part of the sum of seventy-five hundred ($7500.00) dollars by the party of the second part to said party of the first part, said seventy-five hundred ($7500.00) dollars to be returned to the said party of the second part with interest at five (5%) per cent per annum, at the convenience of said party of the first part, and the further consideration of the payment within ninety (90) days from the date hereof of the sum of eleven hundred ($1100.00) Dollars by the party of the second part to the party of the first part, the said party of the first part hereby binds himself, his executors and his heirs to deed the above mentioned property to the party of the second part, by good and sufficient warranty deeds with merchantable title and abstracts of the same, at any time within five (5) years from the date hereof, at the agreed price of seventy-five ($75.00) dollars a front foot for the 12th Street frontage, seven hundred ($700.00) dollars a lot for the Crenshaw Street lots, one thousand dollars for the Homan Avenue lot, twelve thousand ($12,000.00) dollars for the Washington Boulevard and Willow Avenue corner, twelve thousand ($12,000.00) dollars for the one hundred (100) feet on Cornell Avenue between 52nd and 53rd Streets, Seventy-five ($75.00) Dollars a front foot for the sixty-three (63) feet on South Park Avenue between 60th and 61st Streets, and thirty ($30.00) dollars a front foot for the two hundred (200) feet on Indiana Avenue, and one hundred and twenty-five (125) feet on Prairie Avenue between 61st and 63rd Streets, and take in payment for the same promissory notes of the party of the second part for the full purchase price (so as to allow said party of the second part to make building loans on the property sold and transferred for the purpose of erecting buildings thereon), said notes to run for a period of ten (10) years from the date of the transfer of said property, to draw interest at the rate of five per cent (5%) per annum on the purchase price of the unimproved property, interest however, not to commence until buildings are erected and rented and provided the buildings are begun within ninety (90) days from the date of conveyance and carried on to completion with reasonable diligence, labor troubles excepted; and on the improved property when the contemplated improvements and alterations are made, provided that until new buildings are erected or alterations are made, the party of the second part shall pay to the party of the first part, quarterly, an amount equal to the income from said property, less expenses and carrying charges. The party of the first part hereby agrees to loan from any funds he may have available, to said party of the second part, on demand, the sum of thirty thousand ($30,000.00) dollars for the purpose of erecting stores and flats on the lot at the northwest corner of St. Louis Avenue and West 12th Street, the same to be secured by a first mortgage on said premises and to draw five per cent (5%) interest per annum and to run for a period of ten (10) years; and, in the event of the party of the first part having an opportunity to sell any of the above described property before transfer is made to the party of the second part, he may do so, provided the said party of the second part shall first be given an opportunity to close this agreement regarding* the purchase of said property if he desires.

“All the carrying charges of the property with interest at the rate of five per cent (5%) per annum from the date they accrue to the date of transfer of said property to said party of the second part to be added to the purchase price herein agreed on.

“It Is Further Understood And Agreed that the said party of the second part shall have the right to take any part or all of said property under this agreement. ’ ’

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Bluebook (online)
270 Ill. App. 558, 1933 Ill. App. LEXIS 550, Counsel Stack Legal Research, https://law.counselstack.com/opinion/waterman-v-hall-illappct-1933.