Scott v. Gilkey
Illinois Supreme Court
Appeal from the Appellate Court for the Third District ;—heard in that court on appeal from the Circuit Court of Edgar county; the Hon. P. Bookwalter, Judge, presiding. On the 14th day of January, 1891, appellant purchased of appellee a farm for $20,000. In payment therefor he gave $6700 in cash, and his two notes, payable to the order of appellee, for $6650 each.
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Appeal from the Appellate Court for the Third District ;—heard in that court on appeal from the Circuit Court of Edgar county; the Hon. P. Bookwalter, Judge, presiding. On the 14th day of January, 1891, appellant purchased of appellee a farm for $20,000. In payment therefor he gave $6700 in cash, and his two notes, payable to the order of appellee, for $6650 each. The notes bore six per cent interest from date, and were payable at Standiford Bros. ’ bank, Chrisman, Illinois, one on or before March 1, 1892, and the other on or before March 1,1893. On September 8, 1891, while appellee was…
1Opinion of the CourtJustice Baker
We will assume, for the purposes of this appeal, that the banking house of Standiford Bros, had authority from appellee to collect the two promissory notes in controversy. The bank, then, having been authorized by appellee to collect the notes, the question arises, did it transcend its authority in the manner of accepting payment,—in other words, were the notes in fact paid.
It is the well settled rule in regard 'to negotiable paper, that payment can only be made with money, except with the consent of the holder, and that an agent to collect cannot accept anything but money in payment, unless…
2Cases cited1 opinion
- Lochenmeyer v. FogartyIllinois Supreme Court · 1884
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- Schafer v. OlsonNorth Dakota Supreme Court · 1912
- Wagner v. SpaethWyoming Supreme Court · 1927
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