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GOODWIN V. FOX, 129 U. S. 601 (1889)

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U.S. Supreme Court

Goodwin v. Fox, 129 U.S. 601 (1889)

Goodwin v. Fox

No. 168

Argued January 18, 21, 1889

Decided March 5, 1889

129 U.S. 601

APPEAL FROM THE CIRCUIT COURT OF THE UNITED

STATES FOR THE NORTHERN DISTRICT OF ILLINOIS

Syllabus

By a written agreement between two parties, one acknowledged that he was indebted to the other in the sum of $70,000 "over and above all discounts and set-offs of every name and nature," and it was stated that the latter was to take up and satisfy certain other indebtedness of the former, and that the former had conveyed to the latter a stock of goods, and store fixtures, notes, books and accounts, and a piece of land, "with power forthwith at such times and in such manner as" the latter should "deem best to convert the said goods, . . . fixtures, notes, accounts and premises into money, and apply the proceeds to the payment of said indebtedness," with interest, and also a certain farm, and it was agreed that if the former should, within six months from date, pay said indebtedness, the latter would reconvey the farm, but in default of such payment, might foreclose "the certain mortgage comprised in" the conveyance of the farm and the agreement. The conveyances mentioned in the agreement were made, and the title to the piece of land and the farm and the right to the indebtedness came into the hands of the plaintiff, who sold the land and circuit court chanroblesvirtualawlibrary

Page 129 U. S. 602

brought this suit in equity against the original debtor for an account of the amount clue on the security of the farm, and for a foreclosure of the debtor's equity of redemption in the farm.

Held:





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