Diversy v. Loeb
Illinois Supreme Court
This was an action of assumpsit, brought to the Cook County Court of Common Pleas. The plaintiff declared upon a bill of exchange, dated the 3rd day of December, A. D. 1857, for five hundred dollars, drawn by S. D. LaRue, upon the defendant, Diversey, at three months, payable to the order of the drawer, at the office of Greenbaum & Brothers, Chicago ; and also upon the common money counts.
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This was an action of assumpsit, brought to the Cook County Court of Common Pleas. The plaintiff declared upon a bill of exchange, dated the 3rd day of December, A. D. 1857, for five hundred dollars, drawn by S. D. LaRue, upon the defendant, Diversey, at three months, payable to the order of the drawer, at the office of Greenbaum & Brothers, Chicago ; and also upon the common money counts. The defendant pleaded to the declaration the general issue, and to the count upon the said bill the following plea of want of consideration: And for a further plea in this behalf, as to the first count in…
1Opinion of the CourtWalker, J.
An accommodation acceptor, like a surety on a promissory note, cannot be heard to say that there was no consideration received by him. That such acceptance or indorsement as surety, gives the paper of the drawer of a bill, or the principal in a note, credit with the person to whom the bill is negotiated, or to whom the note is drawn, is a sufficient consideration to bind the acceptor of the bill, or the surety on the note. It is usually the credit of the acceptor or surety, that enables the drawer or maker to procure money or property on the instrument, and it would be unjust to permit the…
2Cited by2 opinions
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- Honeyman v. JarvisIllinois Supreme Court · 1872