Morrison Waite

Name: Richardson v. Traver — Opinion of the Court
Author: Morrison Waite

Richardson v. Traver — Opinion of the Court

Summary

“Richardson v. Traver — Opinion of the Court”, is a work by Morrison Waite. It explores elements such as Dickson, Hyde and Richardson.

Quotes from Richardson v. Traver — Opinion of the Court (Morrison Waite)

Morrison Waite, Richardson v. Traver — Opinion of the Court

“ The doctrine of subrogation, which is a creature of equity, has never been carried to that extent. If Richardson had in good faith paid the notes with his own money to protect himself under his junior security, he would have been put in the place of Dickson as the owner of the notes, and, upon a foreclosure, his rights in block 2 as against those of Henry Traver in block 1 could have been ascertained and protected. But such is not the case. His agents and trustee saw fit, without consulting Henry Traver, to allow Hyde to use block 2 to pay the notes. ”

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Source: Wikisource

Morrison Waite, Richardson v. Traver — Opinion of the Court

“ The testimony satisfies us beyond doubt that both Hammond and Bogue knew all about the obligation of Hyde to discharge the lien of those notes on block 1, and that the pretense of a payment of the Richardson notes, and the use of the money so paid to buy them, was all an after-thought. There is not a single act or fact which appears in the transaction to indicate that anything of the kind was in the minds of the parties at the time. ”

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Source: Wikisource

Morrison Waite, Richardson v. Traver — Opinion of the Court

“ Whether, as against Richardson's junior incumbrance on block 2, Traver could require Dickson to sell that block before coming on block 1, depends entirely on the effect of Henry Traver's covenants in his deed of release and quitclaim to Michael, about which we express no opinion, because to our minds it is clear that Richardson, by voluntarily releasing, without the consent of Henry Traver, a part of his junior security on block 2 to enable Hyde to raise the money to discharge the debt to Dickson, was not subrogated to the rights of Dickson under his original security on block 1. ”

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Source: Wikisource

Morrison Waite, Richardson v. Traver — Opinion of the Court

“ In the answers of Hammond, Bogue, and Hyde it is distinctly stated that Richardson's notes were paid and the Dickson notes bought with the money realized by this payment. Hammond & Bogue having advanced part of the money to take up the notes, could undoubtedly have held them to secure the repayment of their advances; but, as that repayment has been made, the case stands precisely as it would if Hyde had himself furnished the money originally. But if relief had been asked on the ground of subrogation, it could not have been granted on the facts as they now appear. ”

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Source: Wikisource

Morrison Waite, Richardson v. Traver — Opinion of the Court

“ Henry J. Traver first heard of the release of the lien on block 2 under the trust in favor of Dickson a short time before the fifth of April, 1875, and at that date he brought suit in the circuit court of Cook county against Michael Traver, Hyde, Bogue, Ayres, Hammond, and others who had become interested in the property, not, however, including Richardson, to obtain a release of block 1 from the lien under the Ayres trust deed, on the ground that the Dickson notes had been paid. ”

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Source: Wikisource

Morrison Waite, Richardson v. Traver — Opinion of the Court

“ They paid to Dickson at the time a small part of the purchase money in cash, and for the balance gave their four joint notes, each for the sum of $5,373.67 1/2, payable respectively in two, three, four, and five years from date, with interest semiannually at the rate of 8 per cent. per annum. The notes were secured by a deed of trust of the property to Enos Ayres, trustee. After the purchase they laid the property off into blocks and lots, making three blocks, numbered 1, 2, and 3, respectively, and subdividing each block into lots. ”

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Source: Wikisource

Morrison Waite, Richardson v. Traver — Opinion of the Court

“ We are legally advised and believe that this course will, result in procuring an early settlement, but, if not, it will be a speedy proceeding by which a final result may be reached much sooner than is the case in the other courts. ”

Morrison Waite

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