This case involved a dispute over the construction of John R. Barrett's will, which created a trust for successive life estates in income for his widow, four sons, a granddaughter, and their issue, with final division of the corpus to great-grandchildren or next of kin after all prior beneficiaries died. The superior court held the second and third paragraphs of the will void for violating the rule against perpetuities, making most of the estate intestate property that passed to the testator's heirs under Illinois descent laws. On appeal, the court affirmed, reasoning that the trust was entire and inseparable, with the invalid remote remainders so integrated into the testator's overall scheme that they could not be severed without defeating his intent to control the property beyond lives in being plus the period allowed by law.

propertyfamily law

This case involved a dispute over whether a recorded release of a trust deed by trustee John Pfeiffer validly extinguished a lien securing a $2000 promissory note owned by Huida Vogel. Vogel sought to set aside the release and foreclose on property sold by the Troy family to Elizabeth Lighthall, after Pfeiffer had falsely claimed the original notes were lost, executed a release, and kept the purchase proceeds without accounting to Vogel. The circuit court dismissed the bill, the appellate court affirmed, and the Illinois Supreme Court affirmed that judgment. The court reasoned that under Illinois law a trustee's release is effective as to innocent third-party purchasers even if unauthorized by the note holder, and that Lighthall acted in good faith by relying on the recorded release and apparent original documents presented by Pfeiffer after conducting reasonable title checks.

property

The case involved a member of the Chicago Board of Trade who sought an injunction to prevent his expulsion after charges were filed alleging violations of the board's rules by making stock deals through a bucket shop and circulating printed matter critical of exchanges in New York and Chicago. The circuit court dissolved a preliminary injunction and dismissed the bill for want of equity, a decision affirmed by the Appellate Court. The Illinois Supreme Court held that the board, as a voluntary organization whose charter and rules the plaintiff had agreed to upon joining, possessed authority to enforce its internal regulations through its own procedures, and that courts of equity would not intervene to restrain such proceedings, consistent with longstanding precedent. The court further found that an unapproved sale of the plaintiff's membership did not divest the board of jurisdiction over the charges.

business & regulatoryprocedure

This case involved a mortgage foreclosure action filed by West Side Brewery Company against Kraft to recover on a $4000 loan secured by real estate in Chicago, where the funds built a saloon and hall. The trial court entered a foreclosure decree, which the Appellate Court affirmed, and the Illinois Supreme Court upheld that result on further appeal. Kraft's primary defense was that the loan and mortgage were ultra vires acts beyond the brewery's corporate powers, which were limited to brewing and selling beer. The court held the transaction fell within the company's implied powers because the loan was made specifically to promote the exclusive sale of its beer on the premises, rather than to engage in a separate lending business.

business & regulatoryproperty

The case Morrison v. Austin State Bank concerned a dispute over the negotiability of certain warrants issued by the town of Cicero and whether those warrants transferred title to the Austin State Bank. The dissenting opinion concluded that the warrants were negotiable enough to vest title in the bank as against all persons except the town itself. The reasoning emphasized that a contrary holding would reduce the commercial value of municipal warrants. It would also raise costs for property owners funding local improvements in municipalities across the state.

business & regulatory