The Ottawa Northern Plank Rd. Co. v. Murray

Citation1854 WL 4679,5 Peck 336,15 Ill. 336
PartiesTHE OTTAWA NORTHERN PLANK ROAD COMPANYv.JAMES B. MURRAY.
Decision Date30 June 1854
CourtSupreme Court of Illinois

15 Ill. 336
1854 WL 4679 (Ill.)
5 Peck (IL) 336

THE OTTAWA NORTHERN PLANK ROAD COMPANY
v.
JAMES B. MURRAY.

Supreme Court of Illinois.

June Term, 1854.


[15 Ill. 337]

THE decree in this case was entered by LELAND, judge, at the February special term of the La Salle circuit court.

GLOVER & COOK, for appellants.HOLLISTER and CAVARLY, for appellee.

TREAT, C. J.

The Ottawa Northern Plank Road Company was formed under the provisions of “An act for the construction of plank roads by a general law,” approved on the 12th of February, 1849. The company was authorized by a special act, passed on the 15th of June, 1852, “to borrow money for the purpose of constructing and operating said road; and to that end said company is hereby authorized to mortgage said road, or any part thereof, and its revenues, by a deed of mortgage, executed by its president by order of its board of directors.”

On the 1st of July, 1852, a bond was executed in the name of the company to Murray, in the penalty of $10,000, which recited a loan of $5,000 by Murray to the company for the term of three years, with interest at the rate of ten per centum per annum, payable semi-annually on the 1st days of January and July, at the Bank of the State of New York, in the city of New York; and was conditioned for the payment of the sum so loaned and the interest thereon; and it contained a provision that, on the failure to pay an instalment of interest when due, the principal should immediately become payable. This instrument was executed by Hickling, as president and director of the company, and by Leland, Norris, Hosford and True as directors, under their hands and seals. At the same time the company executed a mortgage of the road and its appendages to Murray. It recited the bond at large, and was conditioned for the payment of the loan therein specified. The mortgage was executed in the name of the company by its president, and it stated that this was done by the order of the board of directors. It was also regularly acknowledged and recorded.

On the 2d of March, 1853, Murray exhibited a bill in chancery against the company praying for a foreclosure of the mortgage. The bill set forth the foregoing state of facts, and alleged a failure of the company to pay the instalment of interest falling due on the 1st of January, 1853, whereby the

[15 Ill. 338]

sum loaned had become due and payable. The bond and mortgage were referred to as exhibits.

The company answered: “That they admit the company was organized as...

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13 cases
  • Johnson v. Ward
    • United States
    • United States Appellate Court of Illinois
    • October 31, 1878
    ... ... Cent. R. R. Co. v. Bloomington, 76 Ill. 447; Ottawa Plank Road Co. v. Murray, 15 Ill. 336, Maher v. City of Chicago, 38 Ill ... ...
  • Antrim Lumber Co. v. Okla. State Bank
    • United States
    • Oklahoma Supreme Court
    • November 14, 1916
    ... ... Cochran, 117 Mich. 394, 75 N.W. 940; Ottawa Northern Plank Road Co. v. Murray, 15 Ill. 336; Marks v. Taylor, 23 Utah ... ...
  • Nat'l Home Bldg. & Loan Ass'n v. Home Sav. Bank
    • United States
    • Illinois Supreme Court
    • June 20, 1899
    ... ... Road Co. v. Murray, 15 Ill. 336, was a case where the corporation was expressly authorized to ... ...
  • Antrim Lumber Co. v. Oklahoma State Bank
    • United States
    • Oklahoma Supreme Court
    • November 14, 1916
    ... ... Blakley v. Cochran, 117 Mich. 394, 75 N.W. 940; ... Ottawa Northern Plank Road Co. v. Murray, 15 Ill ... 336; Marks v. Taylor, 23 ... ...
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