Peoria Savings, Loan & Trust Co. v. Elder
Illinois Supreme Court
Appeal from the Appellate Court for the Second District;—heard in that court on appeal from the Circuit Court of Peoria county; the Hon. Thomas M. Shaw, Judge, presiding. Appellant prosecutes this appeal to reverse a judgment of affirmance in the Appellate Court.
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Appeal from the Appellate Court for the Second District;—heard in that court on appeal from the Circuit Court of Peoria county; the Hon. Thomas M. Shaw, Judge, presiding. Appellant prosecutes this appeal to reverse a judgment of affirmance in the Appellate Court. The action was assumpsit upon the following instrument, against all the makers: “Peoria, III., Jan. 17, 1893. “To the Peoria Savings, Loan and Trust Company: “Gentlemen—We make this request and guaranty to you, viz.: That the Peoria Pump' and Implement Company, of this city, (incorporated,) may, from time to time from date hereof…
1Opinion of the CourtJustice Wilkin
Several of the questions raised may be briefly disposed of. The judgment note of February 11, 1893, did not release the defendants from their liability as guarantors. The receipt given for that note clearly recognized the continuation of that liability by stating that it was given as collateral security both for the benefit of the bank and the signers of the contract of guaranty dated 17th of January. We agree with the Appellate Court that the several notes for which it was given as collateral were merged in the confessed judgment by the voluntary act of the bank, and therefore interest was…
2Cases cited2 opinions
- Williams v. FletcherIllinois Supreme Court · 1889
- Abrams v. PomeroyIllinois Supreme Court · 1851
3Cited by15 opinions
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- Doerr v. SchmittIllinois Supreme Court · 1941
- Rock Island Bank & Trust Co. v. StauduharAppellate Court of Illinois · 1978
- Hilti, Inc. v. GriffithAppellate Court of Illinois · 1978
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