Opinion
Gen. No. 43,048. (Abstract of Decision.)
Opinion filed May 29, 1945 Rehearing denied June 12, 1945
CHATTEL MORTGAGES, § 185 — when chattel mortgagor estopped to deny corporate existence to avoid usurious loan. In action by chattel mortgagors to recover sums paid mortgagee for release of mortgage to another lender who refinanced loan, where it appeared chattel mortgage purported to be executed by corporation previously operated by plaintiffs but which had been dissolved prior to execution of mortgage, and plaintiffs contended that mortgage was void because it covered a usurious loan to individuals, and that plaintiffs had revoked written authorization of one to whom defendant had released mortgage, held that plaintiffs, having held themselves out as a legally organized corporation, were estopped to deny existence of corporation and since there was no allegation that defendant was aware of alleged revocation of authority of one to whom it released mortgage, complaint was properly dismissed.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from the Circuit Court of Cook county; the Hon. JOHN PRYSTALSKI, Judge, presiding.
Order affirmed. Heard in the second division, first district, this court at the April term, 1944.
Alfred M. Loeser and Harry D. Connor, for appellants;
Sonnenschein, Berkson, Lautmann, Levinson Morse, for appellee;
Isaac E. Ferguson, Frank C. Bernard and William V. Brooks, of counsel.
Not to be published in full. Opinion filed May 29, 1945; rehearing denied June 12, 1945; released for publication June 14, 1945.