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41 Ill. App. 66

Locke v. Towler

Appellate Court of Illinois

Decided June 25, 1891

Appellate Court of Illinois · decided 1891-06-25

Geobge Deiggs, Judge, presiding. The Circuit Court sustained a demurrer to the declaration in this action, consisting of the following counts: Whereas, heretofore, on, to wit, the 10th day of June, 1884, said defendant then being a stockholder and director in a corporation known as the Illinois Wagon Company, which corporation was then lately organized under the laws of the State of Illinois, and its stock then 'being placed upon the market, said defendant then being…

Cited by 7 later decisions — most recently October 1898

7 state decisions

Relies on Schneider v. Turner · Schneider v. Turner · Corcoran v. Lehigh & Franklin Coal Co.

Good law ✅— No negative treatment on recordhow we know

Decided 1891-06-25

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Moran, P. J.

¶1The words of the two letters that form the contract in writing between the parties, merely gave to the plaintiff the option to sell the stock at a future time. He did not by the terms of the agreement sell, nor was he bound to sell, when the time named expired; nor did the defendant buy, but he contracted to do so after 1885, if plaintiff would then sell at the price named.

¶2The contract is clearly within the inhibition of Sec. 130 of the Criminal Code, and is similar to the one held void in Schnider v. Turner, 27 Ill. App. 220, and 130 Ill. 28.

¶3A like contract relating to the purchase of coal was recently held not enforcible by this court. Corcoran v. Lehigh & Franklin Coal Co., 37 Ill. App. 577.

¶4The judgment sustaining the demurrer is correct and will be affirmed.

¶5Judgment affirmed.

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