First National Bank v. City of Elgin
Appellate Court of Illinois
Bill in equity. Appeal from the City Court of Elgin; the Hon. John L. Healt, Judge, presiding.
1Opinion of the CourtJustice Dibell
The First National Bank of Chicago, appellant, is not an innocent purchaser of negotiable paper for value without notice. Whether the paper it holds, Exhibits “A” to “E,” inclusive, are certificates, vouchers or bonds, they are' not negotiable instruments, and the bank holding them has no greater rights than the contractors to whom they were issued. There is no presumption that they were rightfully issued. The holder occupies the same position as the contractors. Any defense good against the contractors is good against the holder of such paper. If any defense thereto or any defect therein…
2Cases cited7 opinions
- Case v. City of SullivanIllinois Supreme Court · 1906
- Morrison v. Austin State BankIllinois Supreme Court · 1904
- People ex rel. Hanberg v. CohenIllinois Supreme Court · 1905
- Rock Island National Bank v. ThompsonIllinois Supreme Court · 1898
- National Bank of LaCrosse v. PettersonIllinois Supreme Court · 1902
2 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- McMillan v. Joseph P. Casey Co.Appellate Court of Illinois · 1923
- Pope v. ParkerSupreme Court of Colorado · 1928
- Edwin Pratt's Sons' Co. v. SchaferAppellate Court of Illinois · 1937
- Camp & DuPuy v. LautermanOregon Supreme Court · 1915
- Chicago Wood Piling Co. v. AndersonAppellate Court of Illinois · 1942
5 more not listed; retrieve them via the Exa API.