City of Pekin v. Reynolds
Illinois Supreme Court
Writ op Error to the Circuit Court of Peoria county; the Hon. A. L. MerrimaN, Judge, presiding. The city of Pekin, having subscribed the sum of one hundred thousand dollars to the capital stock of the “Illinois Pi ver Bailroad Company,” on the 1st day of January, 1857, made certain bonds for the sum of one thousand dollars each, payable to said company or bearer for a portion of such subscription.
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Writ op Error to the Circuit Court of Peoria county; the Hon. A. L. MerrimaN, Judge, presiding. The city of Pekin, having subscribed the sum of one hundred thousand dollars to the capital stock of the “Illinois Pi ver Bailroad Company,” on the 1st day of January, 1857, made certain bonds for the sum of one thousand dollars each, payable to said company or bearer for a portion of such subscription. The bonds were made payable twenty years after their date, with interest thereon at the rate of eight per cent, per annum from date, payable semi-annually, on the first days of January and July in…
1Opinion of the Court
Mr. Justioe WalKee
delivered the opinion of the Court.
There was no averment of a demand upon the city treasurer for payment of these coupons, in this declaration. If such instruments could, in any event, draw interest without an express agreement, it could only be after a proper demand of payment. TJntil a demand is made, such a body is not in default. They are not like individuals, bound to seek their creditors, to make payment of their indebtedness. It was held, in the case of the People ex rel. v. Tazewell County, 22 Ill. 147, that municipal corporations could not even bind themselves to…
2Cases cited2 opinions
- Johnson v. County of StarkIllinois Supreme Court · 1860
- People v. County of TazewellIllinois Supreme Court · 1859
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- Pittsburgh, Fort Wayne & Chicago Railway Co. v. SwinneyIndiana Supreme Court · 1884
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