Wilkinson v. Stewart
Illinois Supreme Court
This was a suit in equity, by defendants in error, to enforce a trust against plaintiff in error. The bill stated that Stewart and Fackney, on the 13th of May, 1859, indorsed, for accommodation only, a bill of exchange, drawn by J. O. & D. N. Stanton, on the cashier of the bank at Vincennes, in favor of defendant, for $2,060, payable three months after date, at the branch of the Bank of Indiana at Vincennes; that said bill was discounted at Mt.
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This was a suit in equity, by defendants in error, to enforce a trust against plaintiff in error. The bill stated that Stewart and Fackney, on the 13th of May, 1859, indorsed, for accommodation only, a bill of exchange, drawn by J. O. & D. N. Stanton, on the cashier of the bank at Vincennes, in favor of defendant, for $2,060, payable three months after date, at the branch of the Bank of Indiana at Vincennes; that said bill was discounted at Mt. Vernon, Ind., and the proceeds applied to the use of the Illinois Southern Railroad Company. The said bill not being paid when due, was protested for…
1Opinion of the CourtWalker, J.
The county bonds were specifically pledged, as an indemnity against the liability of the accommodation indorsers of the bill. The pledge was made by the action of the directors of the railroad company. And appellant acknowledges in his receipt, that he had received the bonds, for the purpose of paying this and other notes. That they were placed in his hands, as a trustee of the makers and indorsers, to be sold and disposed of by him, as soon as possible, and the proceeds to be applied in payment of the notes, and to account for any surplus which might remain, to the treasurer of the company.…
2Cases cited2 opinions
- Ralston v. WoodIllinois Supreme Court · 1853
- Cox v. ReedIllinois Supreme Court · 1862
3Cited by3 opinions
- Otter Creek Lumber Co. v. McElweeAppellate Court of Illinois · 1890
- Jacques v. FackneyIllinois Supreme Court · 1872
- Rigdon v. ConleyAppellate Court of Illinois · 1892