Commercial Loan & Trust Co. v. Mallers
Illinois Supreme Court
Appeal from the Appellate Court for the First District ;—heard in that court on appeal from the Circuit Court of Cook county; the Hon. C. M. Walker, Judge, presiding, The appellee, the Commercial Loan and Trust Company, was the owner of a promissory note for $2500 executed by the American Fire Extinguisher Company and bearing the endorsement of appellant guaranteeing its payment.
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Appeal from the Appellate Court for the First District ;—heard in that court on appeal from the Circuit Court of Cook county; the Hon. C. M. Walker, Judge, presiding, The appellee, the Commercial Loan and Trust Company, was the owner of a promissory note for $2500 executed by the American Fire Extinguisher Company and bearing the endorsement of appellant guaranteeing its payment. This note matured' August 9, 1895, and was then renewed by the maker giving a new note for the same amount due in ninety days, bearing an endorsement guaranteeing its payment, to which the name of appellant was…
1Opinion of the CourtJustice Dunn
The appellant’s claims are (i) that the giving of the check and the cancellation and surrender of the old note at the time the renewal note was discounted amounted to a payment of the old note; (2) that the taking of $37.50 interest in advance at the time of the renewal constituted an extension of time of payment and released appellant, the surety; (3) that the surrender of the note, stamped “paid,” enabled the maker to present it to appellant, a surety, and thereby procure the surrender of collateral securities held for his indemnity.
As to the first claim, the Appellate Court has made a…
2Cases cited1 opinion
- Hecker v. Illinois Central RailroadIllinois Supreme Court · 1907
3Cited by2 opinions
- Harrison v. ThackaberryAppellate Court of Illinois · 1910
- Lutz v. MathenyAppellate Court of Illinois · 1917