Bane v. Gridley
Illinois Supreme Court
Appeal from the Circuit Court of McLean county; the Hon. Thomas F. Tipton, Judge, presiding. This was an action of assumpsit, brought by Asahel Gridley against Samuel T. Bane, on the following promissory note: “$500. Bloomington, III., March 18, 1869. December the twenty-fifth after date, for value received, we jointly and severally promise to pay J, H. Cheney, or order, at the McLean County Bank, the sum of five hundred dollars, and if not promptly paid at maturity, thirty…
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Appeal from the Circuit Court of McLean county; the Hon. Thomas F. Tipton, Judge, presiding. This was an action of assumpsit, brought by Asahel Gridley against Samuel T. Bane, on the following promissory note: “$500. Bloomington, III., March 18, 1869. December the twenty-fifth after date, for value received, we jointly and severally promise to pay J, H. Cheney, or order, at the McLean County Bank, the sum of five hundred dollars, and if not promptly paid at maturity, thirty per cent per annum thereafter as liquidated damages for non-payment. J. C. Pierson, J. S. Pierson, Samuel T. Bane.” The…
1Opinion of the Court
Per Curiam :
This case is precisely like Lawrence v. Cowles, 13 Ill. 577; Smith v. Whitaker, 23 ib. 367; Bishop Hill Colony v. Edgerton, 26 ib. 54; Gould v. Bishop Hill Colony, 35 ib. 324, and Davis v. Rider, 53 ib. 416. We are not inclined to overturn a rule so firmly settled in this court. It is urged by counsel that the rate of interest which the note was to draw after maturity, was a penalty to secure the payment of a smaller sum, and therefore to be relieved against in chancery, and not to be recovered at law, and that the cases above cited were decided only in reference to the question…
2Cases cited2 opinions
- Tiernan v. HinmanIllinois Supreme Court · 1855
- Lawrence v. CowlesIllinois Supreme Court · 1852
3Cited by7 opinions
- Dorsey v. WolffIllinois Supreme Court · 1892
- Holmes v. SmytheIllinois Supreme Court · 1881
- Chemical Bank v. American National Bank & Trust Co.Appellate Court of Illinois · 1989
- Brokaw v. FieldAppellate Court of Illinois · 1889
- INLAND BANK AND TRUST v. KnightAppellate Court of Illinois · 2010
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