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90 Ill. App. 120

Silverman v. McCormick

Appellate Court of Illinois

Decided July 5, 1900

Appellate Court of Illinois · decided 1900-07-05

<p>1. Foreclosure— Of a Mortgage by the Holder of a Coupon Note.— The holder of interest or coupon notes secured by a mortgage is entitled f oredose without waiting until the other coupon notes secured by the same mortgage become due.</p>

Cited by 2 later decisions — most recently December 1901

2 state decisions

Relies on Boyer v. Chandler

Good law ✅— No negative treatment on recordhow we know

Affirmed · Decided 1900-07-05

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Mr. Presiding Justice Adams

¶1delivered the opinion of the court.

¶2The only contention of plaintiffs’ counsel which we deem it necessary to consider is that under the terms of the trust deed there could be no foreclosure until after the maturity of the principal note. This contention is based on the fact that the trust deed does not, in terms, provide for a foreclosure for non-payment of the interest notes, or any of them, at maturity, and on the provision for interest on the amounts due by the interest notes after their maturity.

¶3The trust deed by its terms is security for the payment of both principal and interest, and we regard the case of Boyer v. Chandler, 160 Ill. 394, as decisive of the right of appellant McCormick, as the legal holder of the interest note, to a foreclosure. We think it unnecessary to add anything to what is said by the court in that case.

¶4The decree will be affirmed.

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