, 1873-05-25

$4,000 eaeh, payable to sid Company tn one tEo,
cated at trust ut deed upon 500 lots Il E Z stew.1ts
Subdivision in tho s. VI Of Sec. !, T. 80. n - E,
II Cook County to secure the sss and essd fGn5
sssatez asa ',a q '' t5e sis.s o, Haess 4squtrns
asss h.s ssa fear oes oa1ed fo sd Com
pany with the distinct understanding and agreement
tst sa M a ss
ive to said lean as hereinafter stated that 1t
the ne Of this loan. towi. June 1870 IN order to
61id Company Issued certificates Of is stock
to kaid H. ~ Stewart for 800 shares upon which
soIey s. eoilaterai security Tor aaid losn, and in
satd notes should be returned to said T. Stewart.
end said stock cancelled soou n s11d Company
should acquire sufficient securities from other sources
to sasfy the requirements Of the Law, to Wit $3.50
IS Boon ~ said H. L. Stewart should demand the
same.
Fosrt-on or about the 12tn dsy q 1n1y, 1871 said
Hatt L Stewart went to the ofhcee Of Es4d Insurance
Company and rendered to It's 6ecretary O. D. Hooker
aaid fifteen hundred shares of stock, and demanded
said four notes above described aud release deed Of
uf ssid three hundred lots and sa1d Hooker informed
said f. l. Stewart that the Company then had guf-
aen: security to comply nth ths statute aside fro19
a e to Ioansn oarsnqe p3 a 1ar ond In tbs
tou the mater remained uhn aftar the IRE OF Oct
ind 9, 1871, as hereinafter stated.
FiEh-Qn df about the 2Gth day OF December, 1871,
said insurance Company md had been doing bus.
inesa hnoe tho great fire. and tts officers
said stewaTts believed said Company solvent and
able to pay al It's liabilities, and said f. Stewart de.
nanded Of said Company suIendes t.. 70 TIN Of sig
said notea surrendered and release deed given
said e. l. Stewart Of said lota and sa5d e. L. Stewart
which vaa then cancelled
son g asogt t5s 2oh day Ct 2essnbe5 1s.1
loan for the purpose Of making 1nauedate payment Of
ali its Losses, which, 20 far as then ascertained,
amounted to about $3.50 0o0 and to that end ssvern1
I1ct
Company certain notes secured By mortgages or trust
deeds be hypothecated to some capitalist foE loan
To this end notes VETO given by several paIhe5 and
70 BE- = used use Il tie event sid loan could b aego.
ssstaos ss M Il ss.ias:s a..a sssv.?s
being Of great age, and Of 1n13r1n health, and
eeraint Of nsurance eompaniss Conveyed sa5d 1snd
to aad John 8. Stewart and said John s: Stewart set
ing in ooncart With the several parties who Ind agreed
to furnish sufficient aecurity to aoahls said Company
to pay its debs and continue business. executed his
notes for the Of ssoooo and also trust deed Of
ths aae IN he hands d said Hooker in escrow, to Be
used only upon the condition that sufficient security
to s2 s and opnnue bnea and
so h ,. the condition taa theJ aaq~d a @ aGs
oonsny @ md thst secure said join Stewart for his
kaid loan Of $00o1 aforesaid In the event the
s: sss17rt eertiacate a; 2ooo shsres Of is stock,
and pace tho in the hands Of sald Hart l. Stew
art 70 be s:vea said John s. Stewart II the event Of
aaid uotks being used under the conditions Aforesaid.
Seutnth-Upon the strength Of said agreement Of
esid various Parsous to place their respective security
Eaid aaid Hart L Stewart proceeded to New York City
and commenced negotiations for loan to the losses
and while there and while said were near;
1y successfully closed he received Intelligence that
aaid Company had been thrown into Bankruptcy,
md he stopped a1l negotiations for loan, and ne
srea sbat sid oopaay hid been adndssd I bannpts
md that SKID trust deed. 30 given By said John s.
upon record, in lie Rscordsrs oca Of COOK County,
md that all the notes and securities 6ave those given
by ssid John 8. Stewart had been returned to their re-
haid John s. Stewart had gone into the possession Of
the Provisional Assignee. and now IN the hands Of
% ahon Gpa tie Isl ist dsy of June 1s3o said Insurance
Company the equitable owners Of forty lots Of
land N Irving Park and being destrons nt obtaining
= depost, whic5 1 said Auditor of Public Accounts
caused the to be conveyed to said John s. Stew
IT md sid Jenn Stewart eecu1ed note TO I'D
IND to secure the executed trust deed upon said
<orty 1oa which said note and trust deed IN
said and thu ei ttle Of aai lots is nov in said John
&. Stewart, subject to sad trust decd
sar State and ooun taxes and ta1 He to said prop
pox 9Sng@ t1s ey Gns e Is. o. 49,,
$4,000 IN csh, and upon the usua1 time be sold
in caah-
tho paEt Ct said Hart l. Stewart beyond the nn-
psid upon the SIS 900 in stock first Issued to him. and
to TINT he has all the defenses Of any stockholder
Re ts not Aable under any circumstances for tho !
stock held by him colsterz security for the $4,000
loan-1, because he never owned The stock, and, q
suflcent 4ecaHty 70 tske ito place of The san'ooo
deposited with The Auditor Of Public Accounts, and
dared back sid 1oo shares Of stock and f5e tsansao
lion WIS then At end 5, whi1e the Company was r.
ported good, and 50 5ar a. was then known
snd cancelled, and tie $4,000 10 notes H.s returned to
executed by tbs Company and p1aced record. This
constituted legal Termination Of said transaction,
End my liability ever sxisted It as then canoeed*
Stewart On he fao0 IN stock received the
and never saw it. He gaze the $4,000 IN notes
md the trust DECD TO sscure the 5a apo a TIE e
until Ill the other parties had placed their Secuaes
IN the hands Of said Hooker, and upon tie fur
becoe binding untl security sufficient had bean Oh,
tansd to enable tbs Rsy al M dena .2s sne
happered, md al the other parties received back
ther securities, md their trust daed and notes were
aloae retained and the deed placed on record-the
ihern to this Dig. Tbs placing Of this trust deed en-
rooord sud retaining TIC $4,000 in notea frand
upon John 8 Stewart md eo1t Of equity ought TO-
In visw Of the f.ct however, that Hart Il. Stewart
Is old and innrm ii health, and to a7od rerattous
hGatnu We, TN tue part o. our cuenls a1aSe 70 1ne
Assignee this proposition Tho $4,000 note md the |
e80 600 In notes aaI b returned to John g. Stewart
10 b cancelled He shall recetrs receipt and dis
charge IN full for or account Of sny liability On the
B1o boo In stock md receipt and discharge In fu1
for On account of auy n1tter or matters Whatever
With MD Great Western 1nsq5a7ee Qompsny: An
Ehan b discharged IN full for OF on account
IT an stock now hsld by him, any which
he has heretofors he1d, md = receipt and
fsohar1e in full foT aecount OF any liability of
EhAtSver name nature to ssid Great Western In
Euzs1ce Co1npauy, sad John 8. 6teHart shall quit