Sherman v. Blackman
Illinois Supreme Court
This was an action of assumpsit on two notes, dated April 20th, 1858, payable in six months, to E. L. Sherman, or order; by him indorsed in blank, and indorsed by Greenbaums in blank “ without recourseone for $1,150, and one for $1,250. It is averred in narr. that E. L. Sherman indorsed and delivered the notes to the appellee. First plea, general issue. Second plea, to first and second counts, usury.
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This was an action of assumpsit on two notes, dated April 20th, 1858, payable in six months, to E. L. Sherman, or order; by him indorsed in blank, and indorsed by Greenbaums in blank “ without recourseone for $1,150, and one for $1,250. It is averred in narr. that E. L. Sherman indorsed and delivered the notes to the appellee. First plea, general issue. Second plea, to first and second counts, usury. That the notes were made and indorsed to raise money for the appellants, and put into the brokers’ hands to negotiate for the money. The brokers offered the notes to one Sherwood, who agreed to…
1Opinion of the CourtBreese, J.
We are at a loss to perceive how the defense set up can be sustained, there being no proof that the plaintiff had notice of the usury, and it being shown that he purchased the note before it was due.
The note was payable to Greenbaum Brothers, and they sold it at a discount greater than the rate of interest allowed by law, before it matured, to the plaintiff, and we look in vain for proof, that the plaintiff had any knowledge that the note was left with Greenbaum by the defendants to raise money upon, for their benefit.
The pleas of usury failed on another ground. They aver that the note was…
2Cited by3 opinions
- Colehour v. State Savings InstitutionIllinois Supreme Court · 1878
- Dickerman v. DaySupreme Court of Iowa · 1871
- Winter & Hirsch, Inc. v. PassarelliAppellate Court of Illinois · 1970