Funk v. Buck
Illinois Supreme Court
Appeal from the Circuit Court of McLean county; the Hon. Owen T. Reeves, Judge, presiding. The declaration in this case is on a promissory note made by A. C. Funk and John W. Funk, bearing date April 21, 1874, for the sum of $3000, payable to Hiram Buck or order, twelve months after date, with interest from date at the rate of ten per cent per annum; and if not paid promptly at maturity, fifteen per cent per annum thereafter, as liquidated damages for non-payment.
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Appeal from the Circuit Court of McLean county; the Hon. Owen T. Reeves, Judge, presiding. The declaration in this case is on a promissory note made by A. C. Funk and John W. Funk, bearing date April 21, 1874, for the sum of $3000, payable to Hiram Buck or order, twelve months after date, with interest from date at the rate of ten per cent per annum; and if not paid promptly at maturity, fifteen per cent per annum thereafter, as liquidated damages for non-payment. At the time of executing the note the makers also executed a power of attorney authorizing any attorney of any court of record to…
1Opinion of the CourtJustice Scott
It is very clear, from the evidence preserved in the record, there was not the slightest intention on the part of plaintiff to waive any right to exact damages for the non-payment of the note at maturity. He was not asked to do so. Nor was there any valid extension for the payment of the note for any definite period that indicated.it was a mere device to secure a greater rate of interest than the statute allows. What was done was done simply to oblige defendants for the time being, as a personal favor, and must have been so understood by them. Plaintiff consented to no extension of payment…
2Cases cited1 opinion
- Downey v. BeachIllinois Supreme Court · 1875
3Cited by1 opinion
- Randall v. Home Loan & Investment Co.Wisconsin Supreme Court · 1944