First National Bank v. Tenney
Appellate Court of Illinois
Appeal from the Circuit Court of Cook County;- the Hon. S. P. McConnell, Judge, presiding. In May, 1876, the John B. Jeffery Printing Company owed the First Rational Bank of Chicago $25,000, for which the bank held its note. The bank also held as security for this note, two judgment notes of the company aggregating $40,000, the property of Emma J. Jeffery, who had indorsed them to the bank to help the company.
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Appeal from the Circuit Court of Cook County;- the Hon. S. P. McConnell, Judge, presiding. In May, 1876, the John B. Jeffery Printing Company owed the First Rational Bank of Chicago $25,000, for which the bank held its note. The bank also held as security for this note, two judgment notes of the company aggregating $40,000, the property of Emma J. Jeffery, who had indorsed them to the bank to help the company. Emma Jeffery was the wife of John B. Jeffery, the president of the printing company. sShe also held other judgmentnotes of the company. A few months previous she had retained appellees,…
1Opinion of the Court
Wateemaít, P. J.
One of the primary rules of the law of principal and agent, is that the principal is bound to indemnify the agent against the consequences of all lawful acts by him l)ona fide done in pursuance of the authority conferred. Evans’ Newell on Agency, 353; Mecchem on Agency, Sec. 653; Story on Agency, Sec. 339; Stocking v. Sage, 1 Conn. 519; Greene v. Goddard, 9 Metcalf, 212-222; Perry on Trusts, Sec. 910.
Counsel for appellant do not contest the existence of this rule; their position is that the judgment against Tenney was rendered, not because of his relation to, or anything he…
2Cases cited6 opinions
- Howe v. . Buffalo, N.Y. Erie R.R. Co.New York Court of Appeals · 1867
- Saveland v. GreenWisconsin Supreme Court · 1875
- Stocking v. SageSupreme Court of Connecticut · 1816
- Jackson ex dem. Center v. CampbellNew York Supreme Court · 1822
- Middletown Savings Bank v. BatesSupreme Court of Connecticut · 1836
1 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Cory Bros. & Co. v. United StatesCourt of Appeals for the Second Circuit · 1931
- Douglas v. Los Angeles Herald-ExaminerCalifornia Court of Appeal · 1975
- Johnston v. SuckowAppellate Court of Illinois · 1977
- Du Puy v. Crucible Steel Co. of AmericaDistrict Court, W.D. Pennsylvania · 1923
- Virginia Corp. v. RussAppellate Court of Illinois · 1975
5 more not listed; retrieve them via the Exa API.