Knoles v. Hill
Illinois Supreme Court
This was an action commenced in the probate court of Menard county, and taken by appeal to the Circuit Court. It was in assumpsit on a note signed by the plaintiffs in error. The note was drawn in the usual manner for twelve hundred dollars, to bear ten per cent, interest. On the same paper, below and apart from the signatures, was this memorandum: “When due to draw fifteen per cent.” The judgment was for the plaintiff below.
1Opinion of the CourtBreese, J.
The memorandum on the note below the date and signatures, and made by the payee, is no part of the note. It is wholly meaningless — “ when due to draw fifteen per cent.” No one can say that fifteen per cent, per annum was reserved, even if it was shown the memorandum was placed there by the parties. There is no proof whatever that the memorandum was made at the time the note was made, or was signed by the parties as a part of the contract. The note is complete without it, and bears interest at ten per cent, from its date. There is no proof whatever of usury, none of a corrupt agreement to…
2Cited by3 opinions
- Carr v. WelchIllinois Supreme Court · 1867
- Clifton Mercantile Co. of Clifton v. GillaspieTexas Commission of Appeals · 1929
- Hayes v. WagnerAppellate Court of Illinois · 1900