Reports of Cases Determined in the Appellate Courts of Illinois Volume 192

Reports of Cases Determined in the Appellate Courts of Illinois Volume 192

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1915 edition. Excerpt: ...the decree is not at variance with either the allegations or the proof. The pro rata share of the liability of the appellants to the complainants and the claimant. was based on the finding by the master that the total amount unpaid on the stock was $5ti(i, l)Sl.16. This rep1'cse11ts the difference between the amount actually paid on the stock issued and the par value thereof. Appellants contend, however, that the total amormt unpaid on stock should be the difference between the value of the property received by the Produce Exchange, together with the cash received on stock sub Fox v. Produce Cold Storage Exchange, 192 Ill. App. 301. scriptions, and the par value of the said stock; that the value of the property, as found by the master, and the cash turned over by Morton amounted to $351,636.36, for which Morton received stoekyalued at $998,400, which would leave unpaid only $453,353.64 on said stock; that therefore on the basis of reckoning adopted by the master and the court, the defendants, including the appellants, were held liable for approximately $120,000 more than they should have been under the theory set forth in the bill. In arriving at this conclusion, the appellants are unmindful of the fact that while the master estimated the value of the property at $389,936.36, yet he also found that the lease, which was part of the property turned over, was a liability, but without stating the amount. Ve have, however, found the lease a liability to the extent of at least $120,000, thereby decreasing the value of the property by a like amount. Therefore, the stock would remain unpaid, on the application of the total net value of the property, to as large an extent as on the basis found by the court and master. In view of our...
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Product details

  • Paperback | 206 pages
  • 189 x 246 x 11mm | 376g
  • United States
  • English
  • black & white illustrations
  • 1236797493
  • 9781236797490