Ruble v. Coulter

Decided April 13, 1896

Appellate Court of Illinois · decided 1896-04-13

<p>1. Assignment—As Security, When at an End.—An assignment of a contract to a person for the purpose of indemnifying him against loss in signing a note as security for the assignor, is at an end when the assignor pays the indebtedness and his rights may then be resumed.</p>

Affirmed · Decided 1896-04-13

Mr. Justice Waterman

¶1delivered the opinion oe the Court.

¶2The assignment of the contract of the Cold Blast Feather Company to S. P. Ruble, was to indemnify him for signing a note for $750. It appears that he has received from the Cold Blast Feather Company by reason of such assignment, $1,334.09.

¶3As the assignment was to be at an end and the rights of the assignor to be resumed when the assignor paid said note, the jury were warranted in finding that the assignment, when such payment of $1,334.09 had been made, was at an end, and consequently, against the claim of the assignee, interpleader, to anything further from said Cold Blast Feather Company.

¶4The judgment of the Superior Court is affirmed.