Reeves v. Stipp
Illinois Supreme Court
Writ of Error to the Appellate Court of the Third District; the Hon. Chatjncey L. Higbee, presiding Justice, and the Hon. O. L. Davis and Hon. Lyman Lacey, Justices.
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Writ of Error to the Appellate Court of the Third District; the Hon. Chatjncey L. Higbee, presiding Justice, and the Hon. O. L. Davis and Hon. Lyman Lacey, Justices. The claim in this case is based on a promissory note made by John Starling, since deceased, bearing date February 1, 1876, for the sum of $1624, payable ten months after date to A. R. Jones or order, with interest at the rate of ten per cent per annum from date, for value received, if not paid when due, and by the payee assigned to claimant. It is admitted the maker of the note died May 15, 1876, and appellant was appointed…
1Opinion of the CourtJustice Scott
The judgment in this case might be affirmed on the ground the note is an agreement to pay a specific siim of money with interest at the rate of ten per cent per annum from date, but with the privilege to the maker to pay the principal without interest at maturity. As that was not done the absolute agreement remains in force as it was made, and may be enforced against the estate of the maker as it might have been against him if living.
The defence insisted upon is, that the interest reserved in the note from the date thereof, unless paid at maturity, is a. penalty, and as the maker died before…
2Cases cited1 opinion
- Gobble v. LinderIllinois Supreme Court · 1875
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