Summary
In O'Connell v. California Ave. Bldg. Corp., 329 Ill. App. 327, 68 N.E.2d 543 (1946), a proceeding instituted by dissenting owners of shares in a corporation to determine the fair value thereof, where the principal asset of the corporation was a building which had been sold by defendant corporation, record disclosing that the trial judge disregarded all the testimony bearing on the value of the building and based his judgment solely upon his view of the premise, it was held on appeal to be in error.
Summary of this case from Von Holt v. Izumo Taisha Kyo MissionOpinion
Gen. No. 43,280. (Abstract of Decision.)
Opinion filed June 26, 1946 Rehearing denied September 18, 1946 Released for publication September 19, 1946
VALUES, § 15 — valuation of property based upon trial judge's view of premises as erroneous. In action to have court find and determine fair value of shares in defendant corporation, which owned apartment building as its principal asset, where it appeared that six witnesses testified as to market value of premises in behalf of defendant whereas plaintiffs introduced one witness, and that trial judge inspected property and made finding as to property's value based upon his own view of premises and disregarded all testimony bearing upon question, held that court erred in so doing.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from the Superior Court of Cook county; the Hon. PETER H. SCHWABA, Judge, presiding.
Reversed and remanded for new trial. Heard in the third division, first district, this court at the December term, 1944.
H.J. Rosenberg and Arthur Grossman, for appellant;
McKinley Price, for appellees;
William McKinley and Paul E. Price, of counsel.
Not to be published in full. Opinion filed June 26, 1946; rehearing denied September 18, 1946; released for publication September 19, 1946.