Farmers & Merchants National Bank v. Barton
Appellate Court of Illinois
Appeal from the Circuit Court of Fayette County; the Hon. Jesse J. Phillips, Judge, presiding. This action is based upon a promissory note as follows: $300.00. Vandalia, Ills., Dec. 10th, 1884. Six months after date, for value received, we or either of us promise to pay to the order of the Farmers and Merchants National Bank of Vandalia, three hundred dollars with interest at eight per cent, after maturity.
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Appeal from the Circuit Court of Fayette County; the Hon. Jesse J. Phillips, Judge, presiding. This action is based upon a promissory note as follows: $300.00. Vandalia, Ills., Dec. 10th, 1884. Six months after date, for value received, we or either of us promise to pay to the order of the Farmers and Merchants National Bank of Vandalia, three hundred dollars with interest at eight per cent, after maturity. If this note is notpaid when due, we agree to pay an attorney’s fee of thirty dollars, if placed in the hands of an attorney for collection. John S. Barton, W. L. Ballinger, Benjamin…
1Opinion of the CourtPillsbury, J.
The only question presented by this record or the briefs of counsel is, whether the stipulation for attorney’s fees contained in the note is void per se. It is claimed that ft is usurious, against the policy of law and without consideration. Such stipulations in notes and mortgages have been before the . courts of several of the States, and the decisions thereon are somewhat conflicting. They have been held void in Ohio, Nebraska, Kentucky and Michigan. State of Ohio v. Taylor, 10 Ohio, 378 ; Dow v. Updike, 11 Neb. 95 ; Bullock v. Taylor, 39 Mich. 137; Witherspoon v. Mnsselman, 14 Bush. 214.
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2Cases cited16 opinions
- Bullock v. TaylorMichigan Supreme Court · 1878
- Dow v. Updike Bros.Nebraska Supreme Court · 1881
- Miner v. Paris Exchange BankTexas Supreme Court · 1880
- Dunn v. RodgersIllinois Supreme Court · 1867
- McIntire v. YatesIllinois Supreme Court · 1882
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3Cited by1 opinion
- Nett v. Stockgrowers' Finance Corp.Montana Supreme Court · 1929