LIMITATIONS OF ACTION, § 54 — five year statute of limitations as applicable to assumed mortgage indebtedness. In mortgage foreclosure proceedings, where decree found that when defendant purchased property and deducted amount of existing principal indebtedness from purchase price, he thereby impliedly assumed payment of such indebtedness for which he was personally liable, but that five year statute of limitations applied to such liability, and plaintiff contended that ten year statute was applicable on ground that obligation assumed was same indebtedness as that of mortgagor, held that decree should be affirmed (Ill. Rev. Stat., 1943, ch. 83, par. 16; Jones Ill. Stats. Ann. 107.275).
See Callaghan's Illinois Digest, same topic and section number.
Opinion by JUSTICE SCANLAN.
Not to be published in full. Opinion filed May 29, 1946; released for publication June 13, 1946.