Illinois Appellate Court.

Illinois Appellate Court Unpublished Opinions: first series (Volume Ill. App.v.280) online

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jUa3 lo Snymt «i(i lA/tt awit'>-"> ' axseq^ li hoa ,Xl«^o^ al Q&r *a«

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^aiMO ,Xjin . — .^ ^^vctqn^ ha0 aB^•X«e^t]( aiit rt^Xw

vafia 9t )ai/io<rxijq ,iaX£ itiiAt-A la a« «aJb«ai ttf o* Sa»timirin iBtV/onm
^ - . «.fM,»&8# 1o •UBijn% bUU km fiC.tTX«6Xi| ta aaotuoaa-x ito«a

these purtlcalar statements were ujutrue, because on Ceceuber 39
19 31, the Reliance tank arranged witA Lue Airat Aatlonul tank for
a sale to the ^irst l^ational of certain bonds and securities and
credited its aceount vith thn proceeds of said stale eoid ueed the
same to pay the note of the Kelinnce bank held by the first hatioaal;
that only thereby was the Reliance bank able to issue the stateinent
of December 30, 19 31, to the eff^ot tiiat there were no tills paynbls;
that after the statement was Issued, the bonds and securities wers
turned baok to the Kellanee bank and the indebtedness re-established;
that a slicilar trsmsaction took place on Anarch ?9 , 1932, when bills
payable iue from the Reliance tc the First National were in excess
of ^1,200,000, and again the Reliance ban., sold to the /irst !» at ion si
bonds and sseurities ag,%regating #1,043,2^18,35, at:aiD under an
agreement that the Reliance bank would repurchase the saice, whloh
was carried out,

Xh« amended hill further avere that on iiay 31, 19 33, th«
receiver of the Reliance bank iasusd his report, jt'^ting t)iat prior
to the closing of that bank, in order to ni<>et withclrawatls, it bor-
rowed large sums of money i'roia hhe i^eoonatructlon Finance Co. and
the Pirst national bank to the total sanount of iJl,35''.>,5i>5. ?8, and
that at the tiinp the Hellance bank was closed three-fifths of the
bank's assets had been pledged; that the receiver's statauieiit of
liabilities from June la, 193S, to May 31, 1533, show* that on June
18, 1932, the Relianoe b»nk owed on bills payable to the Keeonstrue*
tion finance Corporation $703,890 and on bills payable to the Jrlrst
national #651,615.28; that on i6ay 31, 1933, there had teen repaid
to the Reeonstruction finance Corporation ^365,2o9.31, sn4 to the
first National 1440,414.74, Iz-aTing the balance due to t >e finatiOt
Corporation 1338,680.69, a i to the first iiational Bmak $211,200. B4{
that the reoeiTsr's report shows tiiat after payiaei.t af preferred
elalns there would be available for distribution to general eredi*


30 .-,.,' ,, J-;. J .oiiiJai* Slow Biiiunsf£ii»i* 1* tanlitsxti tB4rf^

- -■• -"» ,.u-. .... ..^, ,•,,.■.: -.;y *a»AiiS'*«*t orf* teo^Ia- ixAi

,.^ - • - * '^' ■■ ■■ ^...<...... ii.-. .iim»» $hk , - ■-,wafi,X^ t©

^,jj;^ _ - - - - r. '•f - - ^•- •* ■^ -"•' " - :*n»w»»ta«

. ) 1 ■ 7.- .i " ' *" '■' "* I? w
aoiz-Ow^.tmooftH tilt «pit x*"a'': ''' suwb ^-^tML j^wvot

tju/t. au J ■ < • 'C* ^ ' ' %^^ 9tw1 not't —lil£i<fmil

^^L'timaoo^r -^.u .. 'J atXlrf no neTc xit«rf voimIX*!^ trf* ,S:€<?X ,8X

l«-iit fiAi 9i •i^ ^itf ^0 ban 0QS,C0T9 noltmi^qrro^ •pttaak'^ n^tt

feX«qai iMM»/ b» . - - — ^jp2« no t«n(* ;HS.e!X6,X«»d X«noli»ii

• ^.w'u4 9ut Aooft c«.(f tut fcAlr^iitX ,^r.»x>^,o»M X«fv«l#»st itnlX

tors the total siuu ot .$562,32 upon total claims of •3,002,42»,05.
Itaiii 9 of the 1:111 chargeje:

•That the lte« which was carriec? on the report ol" iuriroh ^0
1932, as an asset consisting ol' United tates securities u^nd bands*
subject to repurchase in the amount ol" *l,C4o,a3d, 85 is the Bame
Ittm which now appears in the reoeiver's report under the heading
Mills Payatle, ' and tu^t ae ol" i^ay 51 » 19'>5::, tJie sura of
14 40,414,74 of the cash received by the receiver was pail to the
i'irst l«ational Bank oi Chicago, and that there vas <3till dao it an
allei^ed inlebtedness of i^651,615,28 for which It h«ld tha aforesa d
collateral, whicu vas carried on the otAtej.enii jiucject to repurcliass
»gree,;.ent . "

The tenth paragraph avers:

"And your orators further sliow that it was known to the
officers of 'Heli-ace' sind 'First' and to their directors and to
the two banks tiiat it was illegal for a n-;ttional bank to enter into
an agreecient to purchase bonds anc) mortfaces under an a^^xeen^nt to
repurcu&se, and chat the arrangements to carry tiie iteux of bonds
and securi'cies in the amount of #1,043,268.35 under tno heading
•Subject to itei)urcriase ' inistead of 'Bills Payaiae, ' tended to de-
ceive the bank depoeitors and was in violation of the i»utional
Banking Act* "

This paragraph particularly averred txiat these a^reeuicnts were in

violation of Beotion 5136 of tne United ^jtates hevised ;itatutes as

atrtended J'ebruary 25, 1927, which provided in subatancs tnat the

national banks should thereaU'ter be liiuited to buying and selling

Invsstxuent securities without recourse and under regulntions to be

prescribed by the comptroller oi thn currency; also thai the a^ree-

ment was contrary to section 64, paragraph 4 of the Criiuinal Lods

of Illinois, providing in substance that it should not be lawful

a bankln|f^
for any incorporated bank or individual doinj^businsss to assuas

the payment of or beooais liable for and guaXantse to pay the
principal of, or interest on, any bonds, notes or other nfidenos
of indebtedness on account of any person, persons, coupany or in«
corporation, and that any assuixiption, liability or guarantee,
whereby such deposits or trust funds could be jsopardissd or im-
paired should be null and void.

The bill also avers that with the knowledge of the ille-
gality of the acts and for the ourpose of deceiving ooaplalnants
and the other bank depositors, defendants entered into tals sohssic.



Q*- Ar.\


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8« itt;ti<«j«#4i |>«aivo/i se^x-^c b9iXii\i Aini 'to d&Xfi B«i<)'9 Coir

ttiS tAsii .■x.c - n-i>i9\ JbabaeuuB

■iill»a bo* sAi-^uci ol b»3x lotta^i ' ...^nm tjUwtf X«aoi^A«

•ii oi aooJti^ Xxj^Ai V9bnu JbiM tB-ujotfai iuoiiilw a«i^l<Ximfta ^neinJadvnl

^•U XiiiiiMitJ ftrti to ;> ffQAi^A; R«ltf»«a •# x'urc/aoo ajiw cfaam

XuVwiil nci

aou/aaa o< - 'oft Lmubtr ^tukt k^trnxpntooni x"'

•il.t ail iMMoatf «• 1« laan\£a<

ao.v ,itt tta^a^n glonl^^i

aiaq x^^ 'o ^nvoooje ac aa»ilb•l(<a^aI to

.••#aanu;u^ la y^^J^^*''^^' «a«jtjqttijuuaa xnm ^«. , aoliaiocrxoo

-■1 la b*all»'lAqoa a^iaoqsb liAutt ^daaaxlv

.bloT bns Llba atf {^Xi/ajfa Jbatl««
-•9111 tci} ta a^J^Ivotut aiU diiw l«iU aiayA o«X« IXi<f aifl

iuid tkut ooihplainHi^ta nxid other bunk depositors wert led to b^lic>Ttt
that the H«iianc« b&rik w&e solvent i^id hrid i o bills pf%y;iblo out-
•taiidlng arid w«r« thereby induced to keep Ui«ir di-poaita rtun to
continue to mjike r.n'^ir deyoeitB, hs a r'*ault cl wiiloJi all the
dftpoeitora now Btand to lose the ouk. of 5'3,0\;O,O(/0,

The bill therefore orayesd ior relief as hereinbeforo sot

A oaroful reading of the bill fails to disclose tho pre-
cise th'iory UT)on which comolainantB rely. It is not easy to
Identify the particular fund upon which it is Iriolsted a trust
should be impressed. The res of the trust, which is, of course,
neoessar^ to its existence ( Gurnett y^ kutual Life _lr.s« Co« . 263
111. A:p. 5ia) is hardly vieible t-:. the ju-Ucial eye, nor are tho
avenr.ente of the bill in t :is respect entirely conaistwit, Tho
bill by T'^ay of epithet, describee the transaotlons by whioh on two
occasions bonds tmd seouri ties were dellvi^red by the KeMonco to
the First National Bank as only ••pretended" transactions, while later
in the bill these transactions are both described as real ones
which were contrary to th*? statutes of the United iitj-tes and tho
State of Illinois, and bein' oontrsAry to Hhd against the statute,
it is elalned that a tnist ex walef icio firlses. The averments of
the bill, howerer, are to the eff«ot that in \oth of these trans-
actions, the eeeurities of tho 3'lrst l^ational bank were returned
to the Reliance bcunk. It Is, of course, quite impossible to
establish a trust ej malof ioi o itiainst property in tho possossion
of the yirst l^ational Bank, wliile the bill .vero of the samo
property that it waa, prior to the appointti ^nt of a rscolTor, re-
turned to the Relianco bank. ITirr* is an Indeflnito assertion In
the bill (and it probably waa in the cind oi the pleader) that tho
securities upon whioh the trjist ahoul 1 be impreased are those aaid
to be the same ones used on former occasions and aftor-ard dofositod


.t i u nf*« li

•iij •»'£i« ; , • .T j.«-iv<.... .M, «*i* f^^ •ioJlalv xlb-tMA »l (iJi .f»fA .1X1
'•'-itoD \£»iktCM ;»o»q«»'i Bi.* ni Hi- «=>•!•■ ?o aiwpi- -■'^<^

ij^ ' , Rii.-. J jniwn, .<) »*j .■•i-.i - i „.. -i j«' '~ 1: ~ ©rtt

D9 Tc ij|?)t •« ft*»d :-iti ■tor. iijoj -i.- «rt«lJwif n*i5* 9>0ifd •..u.^u -lit aX

•rtxarxt • ^I'jTtfrorf .XUtd" Bdt

kacrrw^a-i a-s?^ "^ " ^di ^^aolfM

•B-' '' - " laiiflU ^aii' 'ro

at aol^i'""<n »jx li i < ai OA ai vi^itX ,lnad adu^iXajfi arii •# bofr;itfi
•4U #iutf (-saftaal ' uiin aifl nl aaw x^Xcftidorq iTJl ftfia) XXlcf sjU


T^th th^ Ftr«t K»*tlonnl hnnJf ac eollateral security Tor a lt«i
represent'^d "by the note ol" the Reliiinoe l)»uik. This note with the
collateral eeourlty ras in the noBeeasion of the Flret National
"bank at the time the receiver was appointed. If it i»» the intention
ol' the pleader to haye a trust iupresBed upon thess Becurities ws
BUBt regard the fact averrcerits o3 the bill ae utterly Inadequate,
It does not aver wh - »n the lo^i ^as ruade, or thp (wr.o-ir.t ol' it. Thers
Ib no denial in the hill that the Reliance bnnk reoeivefl froiri the
i^irat Isiational hank cash to the aiaount represeiited by it? note,
nor, eo fur as we can asoertair. I'rorn n careful reartirr oJ" the bill,
in thrre any aseartion of any con-iuct which was contrary to equity
an''. EOOfi oonnelence in connection '^ith that loan. The prinoipls
uifjon which equity ImyreeseB orotserty in the hands oi one neraon with
a trust in f-yor of another, irreaoeotive of any a;,reenicnt betwesn
the parties, is well stated in 65 Corpus Juris, o. 462, whers ths
author eays:

"It Is a general principle that one wao acquires liini or

taer property by fraud, iiiisr.- ixeaantation, iuposit iun, or concoai-
ment, or under any other such oiroumstiurjuee as to rendsr it in-
•quibable I'or <iia to ret-^iiji tjie px-operty, i* in equiiy \,a be re-
garded as a trustee ^ msLlefici fi therefor lor a person who suffers
by reason of the frau'> or otii r vrrong, "

This principle has been i'oilowed by tiic courts in Illinoia in cases
such as People v, ^ VMnerican Xrust u oavixi^a .tianJt . 26-^ ill. App, 4M;
y ethsretop v^ National /Republic natioorporation . 27i? ii.i, <*.pp. 5i>C;
Lyons v. 355 li^ortia Michigan Ava. j.l'lf.. Corp . . 277 xxx, npp. 4»i;
3tre*>ter v. uaable . ^8 ill. 352,

'Die faot aren-enta of uhis bill are, nowsrer, wholly insuf-
ficient to Justify the application of Uiut rule, nnd the ayem-ents
are too Indefinite and uncertaixi to Justify equitable r«iicf, ikst
only it the fund upon which it is sou^^t ts i&press a trust indefi-
nite and uncertain, but. Uie bill is insaffieient in etnsr respects.
There is, for inetaiios, no avermenl uiat the hsi.iaues bank was
insolvent at the tine of the traiAoactioas set up in Uie liill, nor.


f^ li to iialnR««««« •A^r ',Ji-ti;»»a j:*T:f>ij&XXo»

^0s»Xcr dill to

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,IXlcf •/!;» . ^^«

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a ^j ■ Ji-ji* i: I- M-jg

;i. . , .V,. ,.v ^>Xt:_o.r<Si eA ddJV*

: . . ,.-.,. .- . .:/JC

.uiit .1X1 aw; . .V x^i'y nii^

(Ui ,»7Ji iXlc/ aiilt 'to •tfrt«i^«kT« ^OJtx nrf!

atof.^ibvit. • iti !• iiAl^AsiXqqjK fttUf XllJaut ot tnel&it

• X<J«» x'tllkift ('^ aJtft^a»oni» frui e^Xallylinl eo^ «i;«

"i'Xmhtki tmuri » aaviqAii aJ ^i<|iWo« «1 J^i jfolf^w iioqu Aajj't otti at v;Xxx«

.•^••qaiii Y9I1I* nl Jttol'jitlumnt Bi XXltf •<titf iucf ,nXKJ^7»oau ^tiA •i^tn

inf'epd, that it Ip now cr »Ter was insolvnt. For QUf-ht that up-

pesrs from the avenrmtp oi' the bill at the time ti.ese various

trKneaetione which «re rf.«»nouncec? took pi ioe, U.e itelionce tfjvk was

entirely solvent sari the ioane Skdvaricjecl hy the ^iret ^. .tion*^ to the

Reliance bank froni time to time iua.y hAve teen oi very great benel'it

to it an'^ to ItP dppositore, JSeitii r are dijy facts averrefl which

teni in any way to show that the ^''irst i.atioa;il bcuik un.luly proiited

in any way in th^ee transactions V'it'i Uia y'eii!»/jcf bunk, or that tht

loans mafle by it in any way ten'ied to brin,/ about the subeequfnt

closing of the Reliance bonk, Xnarf ie, thRrc^fore, no factual bhsl«

for the l^nprpssion of a truat uoon any a^sete ir the T>o;-B«»98ior. of

the First liational Bank, Gonstrula;,^ the bil3 moat liberally, it

cannot he hel-^ to (!o piorft thari eat up a Vf»ry uncertain caase of

action in frau-'^ and deceit for which coaiplainants have a perfect

remediy at law, there being no avenaent that d ef '=;ri . l ;vi t s are inBolvw-it,

lor are the facts av<*rred, in our ooinicn, eui'i'iciont to

Justify the prcsec ition of a rftpreBentr-.tive puit, in vhich connlain-

ants act for nil th*? (<epo8itore, Whetiier nry caue>e of action in

fraud and deceit exists in fiivor of p^-rtl culnr fieooeitcrs rtependi

upon the actual facta existint^ with referencf to ench one of ther..

An adjudication of thsir respective ritl'ts cpnrot "br ir.pde In t; Ir

action, neither tiriey nol" deffridante can be derrlveil of thrir rlfcht

to trial by jury through the proeecutien to a decrre by onf '*»jiopI-

ter of a suit of this oharactpr. Hale v. Hnle^ 146 111. "^f;

Brauer v. x.augtilin . 235 111, 265; .bettep t. Williaias, 277 Ill.App,

363; 3pea r v. .ire en . 246 '/ass. 25S. g'etlieraton *u ol . v. ■:>ati9Pal

Republic Bfji corporation e t al , . . Gen. Ho. 37951, opinior thi« lay


The dew.urrer was nroperly oastuined a;-.? Ui<^ bill was nroperlj
diaalassd as wltiiout equity, Jfor these reasons the dooros is affl

O'Connor, P, J., and iLO*>u rely, J,, conour.

SAW ::: -

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CSCAB lifcJ-9Cl, AUiSltoi of Putlle A.ocourti,^^ V



X^EPOSXIOHS i^TATK }"/»£&, « C«rpor»tlo&.


siliel uHlCAGv riYi.» <aii5 XKJ^X i.Ci<P/^lf» ) AS'P.'iJkL VHCK CIRfcUlT

Vlll ci£.d X«litttKi«liA ^i JUi^XUS CFV^^UMkiSlk. ; CCUKT 0# COOl CCUHTT.


VUlXlAs L. 0»CORK>XL, a« H«e«ilf«t ef
S«9esltora Stat* ^«r<k,

2S0 l.A. iji^^

fcJl. WSTICS teATCHBtT D«l,IVTsiy:t> TMK 01>IliltJi 0* VA.t CCffKT,

Tht r«o«l-Tttr ftpp<*ftle I'roc. us or4«r tnivr^d i»oT«ttkcr 16, IB .'4,
on tha p«titlQB o2 tiU* tru»i«e« of tbo i^ei^t* »r Julius <^ii(»«ab«i»sr,
(lir«etlOff t^le ^o pay to itift T7aft«ur«r oX' Uook uounty «• purt of tA«
•]ip9&»« of A4&iAi»tr«tl60 «n(i prior to tUs p<»yK«tit ol' otbor oialao
ii«rAn«t iko o«t»t«», o«rtalun unp^itf t<^*8, pouAltieo, «^tc. , fto««»a«4
for Uio yoar» X*X i»»« IQ.Ii, »a»d * proportluB»to ai-ifcr* oi Uio omio
tttjMo for Uio your iV3«, puroutait ^i-o Lti* icnuo ol a «uppl«k«titftl
ui(r«o»«ai ootorod into t>«t«««n ixia pr<«d»««a««r lu oilioo aa4 Jullua
Opt^oiilioiakor, dooeuoctd, a« oriiiiit^ced toy uu^ InJonvuro la vrltlA« •»••
eutod ubd doUvoro* July 1'*, 1»32. rjao rooolvtr, a« wo ui.dorotftftd
it, dooo not Aony tliut li»« •blii;MlibA !• duo and ovli'fr* but ftrguoo
that 11 should !»• ullowod oaiy a» a gwjoral alal» U4»^in»t ttoo ootato.

TtiO a'*ot« ifi brior u*o Uiul tfto tru»tooo woro arid aro tno
•vnoro of pr«*lo«» whloh oa January 1, 19J1, by Uidoaiur*. Julius
OppoBAoiaor, ••• dsoo«i»od, loftood :or Bin#iy-tiln« y«ars to *.. »».
8%s«lo Co., a esrporatioa, wnloii tuoroaftor bosa*.o baoiirupt and oa
JuAO 1, IB ^5, by its truoiooo 1a bacJiruptoy aoolttaod tao loaoSAoK
to tbio Dopoolturs dtato Bank, w iou Mitorod mA<i tooi« posooooioa ••d

X U •x^.x



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occupied th« aiUB* uotll februmry 9, 10. V."', *,. .,,. i^ a^,, cloe«d by
tl)« State Auditor ol fuwllc AQcountr , , . runk i-, «obb,

r#o«iv#r, ?r9(|ft0««»or to tJi« >*;>»ril^*nt r«opiv»-r, Voti. looit poaB«aalMi
of th<» )»r*Tii)»»» Mill i}oriitfm«i"i to occupy tt« .. ii. Ill WlHiMj ]-,
C'Connoll wa« l>y ordlor ol' court <»f>0olrit«<J hi» eaeotfcsor, .Tuiy 5^
193^. Artl«l« 3 ol' t>><!i origini»l l<rnae r>rcvl<ii«te \.nm% aa a furtnar
con*id«ratton for rh«> l)^aa« Uku l(r9»««t «o«0(>.ir>ta to p»y In duo
ataaon fre* tits-o t tljta, In addition to r>mi., "j»ll t^ixaa *• w(\loh
may »t «ny iliat art«>r th<!> y^ar 191% luid untii tho oaplratloA of a«i4
tern be taxed, »o«c»sO'l, ousirj^ed, Inirlorl or Inpooe^ or< aald proaiaea
**»«ai)({ that th* 108a«9 would not Kuffer aald tnkx«a» <*tc. , to beaome
<!{elln<|u«fit in rosyoot oi' payt&eot.

July 14, 193^, tr«bl} ifte roeeiver I'lled a petition in the
cireuit oourt» rooltln^ tue hiatory 02 the loaae ba ubeve related
and atatic^ that the buildlbg ovi t<.e ,r«a«laea »Ma large and valuable
avn4 vaa eeeupied only in part by tteo baiUi «ja»i Ita battlrieaa; tnat the
aeeond nad t^^lrd riocre breui^^nt In a aubetu/itial Irmoae oT ap(>rexi*
r»tely #9,000 per vduxutb; Uint Vie tuaeu^oiit broue,ht ic a line asouat
ef roTonue; tnat th« loaee ir»a a valuable p»rt 01' the aaaeta el the
bank *ORly if and ae long a« there sftoill be no default, eutitllng
the leeaer to tervilitate th<» If^aae*; that the rent payable tuider the
leaae vae 1X5, OCO per onnub, »n^( tuat the rent fra» /ebruary, 19St,
waa unpaid; that If thv leantor elo>oted to I'orreit, the leaeeheld
eatate « uld be loat and the truai eatate In poaawaaion cf the re-
e elver depleted to Ih^ extent ol the value el' the leaaeiield; that
with the apt r oval of the Auditor of I'ublie Aocuunta *. d aubjeet te
the approval of the court, the reciriver propeeed to exeeute a eup-
plet:#>rital Indenture with the leeaor, vh«reby ue would expreaaly
aaauMe end adopt me eaid loaae lOid ita eblig:«tlona an«l aefuire a
reduction of rent to the aaouat of ♦a7»i- por annui- for the tera
ending April ^, 1934; Utat by tuc propoaed aupplenental ir.daatur*

' ' '. ■' » ■ '' -■ >,

Tic . .7»»ir'2 MW««0 <

.'' ^f'^ ♦■« -i^ti >r: f?f| ««ir •«ii«l

xtfo »tl htim 99Ani tlm »>

h» would a«eur« th« prlTllcg*. in emat ht should ao oltot, to
tfr»ln«ttc th« l«aa« on Ai^ril 3< , 19^, ttu<} b* raiievod oi' all ll»*
Itlllt/ UAiar tha Iraoo axoa t u llnikllit:,' to p«y (in addition to
taxae l«Tia<A vrlor to sucn Jatft oi t«ri<>iiiKtion^ ona«<l of tha
tAxoa I'or 1934; Uiat it aa«c«d neoaeaary iti order to oonsarva lAo
•Btata to adept a&ld ioaaa.

July 16, 19 !i£c, t)i« eoart «nt«ra<i ai» onlar wiilob r<f«ita4
that i^aa sotio* h»<l baaia i<,iy«n j«n<l i*ou«i4 tka faotii to b« mm aat
fortb Is ttea padtlob, (»Ji4 <;)lreot«d uJc%« f^ooiyfr to axaa jto ouali
auppXasiactal lAlantura, «kle» va« iu I'^iet ajia«uii«d said da/iWarad by
tilt iruatta and by tlio r<^G«lv<«r ori it.ue Siuutt day.

>^ril 13, r)^d4, U;ia trustaea fllad Uiair potltion, upon wi.loh
tha ordar i^pvi*9Ji9iA frtm vn^ti i?<it«r«d. It raei t'^a t>>a f^iOta aa hcrato-
fora Iralatad, atutaa tiaat <^'C>ocitiall hn» hmvn duly ttppoir;t«d aueoaaaar
of Vobb and ttxrara thai ti^(» auouct ol "tauti^a vita panaltiaa, intarf^at
and eaata aaeruad Ok^raor, to Ut*. ia tna n\m oi' ^16,434.11.* Capiat
of tha l«aaa and »apf>laj««fttal Irjdaf.tura «ere 2vttaoh«*d to tna patl*
tioR and it prayed Tor tn« witry oi' tn<o prcpcr ordara. It waa duly

Una raealvar Miewarwd taa patitioii, JiMtMittlnf; f-^ota aa abava
aarratad, l it »Yarrln<; tttat ha li<*d aanrod notioa ol" iiia <«laotiafi to
taniinaita t«a laaaa on April 54>, iyJ4, «uid th»t ba Had iri^atttad aad
9\xrT9n1i*T*A tha praviaaa to Uia trAot«»a. Xii« raoaivar daniad that
tha raut was dua but ati*t«d thot ^fter tu« I'iliiig o} tha patitiaa
ha had paid tha quarterly raiit In tu« aaa of *«,1«I7.0 , lor tha
%ara and lac April Si;, 1V»4. ttxm atiaaar ad^^ittad ina t*4«aa, paaaltias
«M oaata acainat tha praa.laaa but dauied th.r r«aaiv»r waa liabla
undar tua tanaa a J" tha ieuaa or nupplackantal indantura, sattiaff up
▼arbatia aaatioa 1 ol artiola 6 oi tha orit^inal laaaa ^d aaatiaa 4,^

paca 8, of tha rapolaaantal indaiitura, and atr^tinc u*at if thara waa

just _^

ani/oblicatiaa it ahauld ba allowed only aa a general alaiM. Tha

•j^ •▼^•■'

Irtw n^.u ,':ol <l»^

in* §•■ ■ •:! v.. ■'itiXtmni

tar ^ «*vi* ♦••#••1- ^«i«fta*TTtft

■itsi bam

r«oor4s ei* ta« bwik a* «a a»««t oi* 4$2d7,go<>; tntut i\ »»■ »• loat«r
Ml *«««i ftCid *«k«d tJhe aa»e to V>« ehiurgAi} ciT tii* booica,

Tht K«tt«r w»e ixt^tkH u^on t»>« petition, tii« answer, ha<1 •
•tlpuiatitix a* to e«rt«^&i/ l'ak«i» wlti:i r»i'«fr«tie« to Ui» A*t«»aM«iit »/>d
•olivet Ion oi t«uMi« in Utivk «oui^t> duriuit, tint parlodi li. i)u««tloii.
th« eourt tn t,?r»d u;« ord«r »>a i^rtt^^d fe;/ t^^e p«tltloii«jr«.

7h9 faeis Aft j%^r<^lri&Uaii'ft i»u^ii»iit.riEftd ir^r* r^ot Iuli> ••! forth
ixt ui« rtteel'vcr'ft abtitraet 'out a^p^ar in Ui<» addltlonia «bair%ei
fll«d ty Ti«titl«nffr»,

7h<» reeftl'fcz' a«^8 U:i&t U)« ri^ats .xto,d Ilubilivlftft of orodi-
tors ica>t doctor* of «fi ifi»i;tlT«rit oorporatlon «ro fixod uod dotor-
■Inod »ft of tho ttoto mo roeelvor la api}<»ini«d, cltlA^ Hynoi ▼. Ill^
!yrmt A Sa TlAet >m<Ul. 226 111. fi&; ii|r^o^<^y v, ^Vt«M>iW. 23^ 111. App.
366, vhioii Muaeanco tnat w«i:i «fttil«d rulo. tl« Jartnor oajra, eliing
,< %yfOtor T.. J^^itog . taat [email protected]^[email protected] thm rocftivor lior tiit c-urt ••«
ehAiifo «ii«it> rWxio, Uio pewor of tu? aourt «xt«n<)lng only to tho toa*
•truotloA Had »dj«iiieatien of %Ao rl^itte «• ihoy oxioiod vaon tbo
roooivor if«« Appoiniod; Ui«t tteiVawr tHo eourt nor ih« roo«iiror eon
MAlio Ml obllftiitiori Inourrod by Uio InaulYont eorporfttioa prior to
tho roooUoroh&i^ m& t^dokUiiotiRtlvtt oApMise of tiao rvooitoronip; Xhgk
upon tho ajppoiati&ottt of tko roooivor ih.v liUidlord'o oi»l« for rout
1» la Um natuio of a tfo&*ral oIaIk, uitUi^ Atkiaooa A wo. t.
Aldrloh^Cli wboo wp. > S4«t fod. 1 U. Tho»o propooitioso %l«o ••/ W
ooneodod, vt tiak, trithout dotorftluinii tho roal qu#otloao raiood
•a thio r*«ord, mutttlyt vhothor tho •up^^lOMoaial iitdonturo «ao
bicdlnt ttffon tho r^oolTor, *i»d If bindiag, vhoUior pr.>porXy coa-
• trutd it would obll4»to tho rooolvor to aak« tho paywonta »•
•uthorivod and Uroetod by tho ordor X'rot* thioi tho roooivor hao

Tlbo «applo»««tal indoAturo of July .0, lV3a, «ap Dao«d mmb

trut #iM«r«fifr8r

Iw •#r.



'XI* t^n

a» t»H<T «« ■ » »n«Ti -trtl firtf x* <»»t*«ij»* rt^t^j-Tii /Yin n* m

Online LibraryIllinois Appellate CourtIllinois Appellate Court Unpublished Opinions: first series (Volume Ill. App.v.280) → online text (page 4 of 54)