Home National Bank v. Sanchez & Haya
Illinois Supreme Court
Appeal from the Appellate Court for the First District;—. heard in that court on appeal from the County Court of Cook county; the Hon. Bichard Prendergast, Judge, presiding. Prior to October 18,1887, Allen & Co. had borrowed various sums of money of appellant, giving as security their judgment notes, the last one of which fell due on that day. When these notes were given, Allen & Co. had no thought of making an assignment.
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Appeal from the Appellate Court for the First District;—. heard in that court on appeal from the County Court of Cook county; the Hon. Bichard Prendergast, Judge, presiding. Prior to October 18,1887, Allen & Co. had borrowed various sums of money of appellant, giving as security their judgment notes, the last one of which fell due on that day. When these notes were given, Allen & Co. had no thought of making an assignment. On October 19 the cashier wrote to the firm, notifying them that their notes were due, and asking payment. On the next morning Allen called, saying to the cashier that he…
1Opinion of the CourtChief Justice Shope
Prior to the act of 1887, relating to voluntary assignments, •an insolvent or failing debtor had the right to make an assignment of his property, giving preference to such of his creditors .as he saw proper; but section 13 of that act declares that every provision in any assignment thereafter made in this State, •providing for the payment of one debt or liability in preference to another, shall be void, and that all debts and liabilities within the provisions of the assignment shall be paid pro rata, from the assets of the debtor. This provision was undoubtedly intended to change the rule of…
2Cases cited3 opinions
- Preston v. SpauldingIllinois Supreme Court · 1887
- P. C. Hanford Oil Co. v. First National BankIllinois Supreme Court · 1888
- Field v. GeoheganIllinois Supreme Court · 1888
3Cited by8 opinions
- Berger v. . VarrelmannNew York Court of Appeals · 1891
- Schwartz v. MessingerIllinois Supreme Court · 1897
- Illinois Paper Co. v. Northwestern National BankIllinois Supreme Court · 1894
- Oakford & Fahnestock v. FischerAppellate Court of Illinois · 1898
- Geneser v. TelgmanAppellate Court of Illinois · 1890
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