Smith v. Dennison
Illinois Supreme Court
Writ of Error to the Appellate Court for the First District ;—heard in that court on writ of error to the Superior Court of Cook county; the Hon. S. M. Moore, Judge, presiding. Frisbie and Eappleye were partners, doing business as such, in Chicago. John Seely Wallace was the father-in-law of Eappleye.
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Writ of Error to the Appellate Court for the First District ;—heard in that court on writ of error to the Superior Court of Cook county; the Hon. S. M. Moore, Judge, presiding. Frisbie and Eappleye were partners, doing business as such, in Chicago. John Seely Wallace was the father-in-law of Eappleye. The firm borrowed money from Wallace, and having made some payments had a settlement with Wallace, and on the 28th of December, 1875, found the balance due Wallace was $7662.44, and on that day gave him the note of the firm for that amount, payable in ninety days, with ten per cent interest…
1Opinion of the CourtChief Justice Diceey
Two questions are presented for decision in this case: First, the question of fact, whether the collaterals deposited at the making of the note of April 20, 1876, were pledged as collaterals in Wallace’s hands to secure not only that note, but also to secure the payment of the .preexisting debt upon the note of December 28, 1875; and second, whether Eappleye had lawful authority to make such pledge, if it were in fact made.
After a most careful consideration of. the evidence on the subject, we are brought to the conclusion that the pledge was in fact made to secure both of these notes. Wallace…
2Cited by1 opinion
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