Opinion
Gen No. 41,981. (Abstract of Decision.)
Opinion filed June 1, 1942 Additional opinion filed and rehearing denied June 16, 1942
COMPESSION OF JUDGMENT, § 57 — opening, discharge or bar of debt. Where defendant purchased the leasehold and furniture of a hotel on assignment of lease and bill of sale from plaintiff's assignor, and notes payable serially and monthly were given for the balance of the purchase price, and the transaction was manifested by an escrow agreement known to plaintiff providing that in ease of default in payment of the notes the escrowee should deliver the lease and assignment to grantor and grantor could retain all moneys paid by grantee as liquidated damages for use of the premises, on default in payments, plaintiff was not a bona fide holder for value without notice and his remedy was limited by the contract to forfeiture of payments made as liquidated damages, the return of the bill of sale of the furniture, and the assignment of the leasehold interest; and plaintiff could not take these back and also collect on the notes.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from Municipal Court of Chicago; Hon. MATTHEW D. HARTIGAN, presiding.
Affirmed. Heard in first division, first district, this court at October term, 1941.
Soll J. Schnitz, for appellant;
Samuel Schmetterer, for appellee.
"Not to be published in full." Opinion filed June 1, 1942. Additional opinion filed and rehearing denied June 16, 1942.