Edward M. West v. the Madison County Agricultural Bd..
| Decision Date | 30 June 1876 |
| Citation | 82 Ill. 205,1876 WL 10173 |
| Parties | EDWARD M. WEST et al.v.THE MADISON COUNTY AGRICULTURAL BOARD. |
| Court | Illinois Supreme Court |
OPINION TEXT STARTS HERE
APPEAL from the Circuit Court of Madison county; the Hon. WILLIAM H. SNYDER, Judge, presiding.
Messrs. KROME & HADLEY, and Mr. JOHN G. IRWIN, for the appellants.
Messrs. DAVIS & GILLESPIE, for the appellee.
The Madison County Agricultural Board is a corporation existing under the laws of this State, and is the owner of grounds upon which it held annual exhibitions. Under a resolution of the board, unanimously adopted by the directors at a meeting called for that purpose, the treasurer of the board was authorized to borrow an amount of money, not exceeding $2000, to be secured by trust deed upon the “fair grounds,” for the purpose of building a new exhibition hall and reconstructing the amphitheater on its grounds. In pursuance of that resolution, the treasurer and president of the board borrowed of Edward M. West the sum of $2000, and, acting on behalf of the board, they undertook to execute to him a trust deed on the fair grounds owned by the corporation, to secure the money so borrowed; but the trust deed was executed in the names of the president and treasurer, on behalf of the board, and not in the name of the corporation. This bill is to correct that informality in the execution of the deed of trust, to foreclose the same, and, in default of payment of the sum due complainant, for a sale of the premises, on terms that should be equitable to the parties interested.
Whether the law under which the agricultural board was incorporated expressly confers authority upon it to execute a deed of trust upon its real estate to secure borrowed money, or not, we think that power is incident to the corporation, and one it may rightfully exercise in furtherance of the objects for which the corporation was created. Authority is given in the general law, under which these agricultural boards are organized in the several counties, by which they may contract and be contracted with, may purchase, hold or sell property, and may sue and be sued. Accordingly, it would seem the power of a corporation to mortgage its real estate might be regarded as a necessary incident to the power to acquire and hold real property. Aurora Agricultural and Horticultural Society v. Paddock, 80 Ill. 263.
Corporations will not be permitted to exercise powers that might be...
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