Trower v. Elder
Illinois Supreme Court
Writ of Error to the Circuit Court of Shelby county; the Hon. Horatio M. Vandeveer, Judge, presiding. This was an action of covenant, by plaintiffs in error against defendant in error.
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Writ of Error to the Circuit Court of Shelby county; the Hon. Horatio M. Vandeveer, Judge, presiding. This was an action of covenant, by plaintiffs in error against defendant in error. The only breach is, “that whilst the plaintiffs were engaged in the business of banking, in Sullivan, on, to-wit, the 1st day of March, 1872, to-wit, at the county aforesaid, the said defendant did engage in the banking business in said town of Sullivan, and hath from that day, and on divers days and times between that day and the commencement of this suit, received of divers persons money on deposit, subject…
1Opinion of the CourtJustice Scholfield
It is not contested, if the clause in the agreement providing for the forfeiture of threefold the amount paid, as damages, relates as well to the sale of the bank safe and fixture^, as to the agreement not to engage in the banking business in the town of Sullivan, the sum named must be held to be a penalty to secure the performance of the entire contract, and not liquidated damages, to be recovered for the breach of a single stipulation. This is in accordance with the well established rule, that where there are several covenants or stipulations in an agreement, the damages for the…
2Cases cited7 opinions
- Foley v. McKeeganSupreme Court of Iowa · 1856
- Watt's Ex'rs. v. SheppardSupreme Court of Alabama · 1841
- Lampman v. . CochranNew York Court of Appeals · 1857
- Daily v. LitchfieldMichigan Supreme Court · 1862
- Basye v. AmbroseSupreme Court of Missouri · 1859
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3Cited by12 opinions
- Iroquois Furnace Co. v. Wilkin Manufacturing Co.Illinois Supreme Court · 1899
- Wall v. Chicago Park DistrictIllinois Supreme Court · 1941
- Carter v. StromSupreme Court of Minnesota · 1889
- Wilhelm v. EavesOregon Supreme Court · 1891
- Elgin, Joliet & Eastern Railway Co. v. Northwestern National BankAppellate Court of Illinois · 1911
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