Lord v. Favorite
Illinois Supreme Court
This is a suit by Favorite, as indorsee of the note of Lord & Smith, appellants, dated 18th April, 1861, payable to order of Wahl Brothers, two months after date, for $589, and indorsed in blank by “Wahl Bros.”
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This is a suit by Favorite, as indorsee of the note of Lord & Smith, appellants, dated 18th April, 1861, payable to order of Wahl Brothers, two months after date, for $589, and indorsed in blank by “Wahl Bros.” The defendant plead the general issue, and gave notice as follows: “ Take notice, that the above named defendants, on the trial of this cause, will give in evidence, and insist that, at the time when the note sued upon in this cause became due and payable, and for a long time before, and for a long time thereafter, it was the property of Francis A. Hoffman, Otto Gelpcke, and Alexander…
1Opinion of the CourtWalker, J.
It will not be contested, that a person taking a note, after its maturity, receives it subject to all equities existing between former parties to the instrument, whether they are or not apparent on the nqte. It is dishonored by not being taken up at its maturity. It comes to him tainted with suspicion, and he is put upon inquiry as to the rights of the former holders, and the real and not the apparent liability of the makers. He takes it precisely as it was held by those from whom he acquires his title. The maxim, caveat emptor, applies in such a case. If the offer of the makers in this case,…
2Cases cited2 opinions
- Capps v. GorhamIllinois Supreme Court · 1852
- Root v. IrwinIllinois Supreme Court · 1856
3Cited by4 opinions
- Jay v. ReedIllinois Supreme Court · 1870
- McCaffrey v. DustinAppellate Court of Illinois · 1892
- Bradley v. LinnAppellate Court of Illinois · 1886
- Rockford National Bank v. Young Men's Christian Ass'n Gymnasium Co.Appellate Court of Illinois · 1898