LAKE STREET MEMORIAL PARK, ACORPORATION, Claimant, v. STATE OF ILLINOIS, Respondent.
Case summary
Claimant sought refund of excess fees paid under the Illinois Securities Law after an amended statement reduced the amount of securities to be qualified. The court awarded the excess fee of $44.62, finding it was paid under a mistake of fact.
Cases cited: Firemen's Insurance Co. vs. State, 2 C. C. R. 220; Moorman Mfg. Co. vs. State, No. 1886 (decided May, 1934)
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Headnotes
- Fees-excess paid under mistake of fact-may be recovered. Where fees are paid in excess of amount lawfully due, under mistake of fact, an award for such excess will be made.
Claimant seeks to recover the sum of Forty-four Dollars and Sixty-two Cents ($44.62) on account of excess fees paid to the respondent under the terms and provisions of the Securities Law of this State.
It appears that on November 24, 1933, the claimant submitted a statement under the Illinois Securities Law to qualify 1,600 shares of its preferred stock of the par value of One Hundred Dollars ($100.00) per share, and 1,600 shares of its common stock of the par value of Five Dollars ($5.00) per share for sale at those prices as Class D securities. The statutory fee for such amount of securities, to-wit, $168,000.00, was $84.00, which amount was paid by the claimant in the State treasury as required by Section twenty-six (26) of the Securities Act. Thereafter an appraiser was selected to appraise the properties of the corporation as provided by the Securities Law, and he appraised the same at a lower valuation than had been given by the claimant. The claimant thereupon submitted an amended statement which sought to qualify 750 shares of preferred stock of the par value of $100.00 per share and 750 shares of common stock of the par value of $5.00 per share.
The statutory fee for such amount of securities, to-wit, $78,750.00, was Thirty-nine Dollars and Eighty-three Cents ($39.83).
Claimant having paid Eighty-four Dollars ($84.00) under its original statement, whereas, under its amended statement [*191] it was only required to pay Thirty-nine Dollars and Eightythree Cents ($39.83), it is clearly entitled to a return of the excess fees paid, to-wit, Forty-four Dollars and Sixty-two Cents ($44.62), same having been paid under a mistake of fact. 48 Corpus Juris 759; 21 R. C. L. 164; Firemen's Insurance Co. vs. State, 2 C. C. R. 220; Moorman Mfg. Co. vs.
State, No. 1886 (decided May, 1934).
Award is therefore hereby entered in favor of the claimant for the sum of Forty-four Dollars and Sixty-two Cents ($44.62).