Hopkins v. Van Zandt
Appellate Court of Illinois
In error to the Circuit Court of Cook County; the Hon. Kirk Hawes, Judge, presiding. The declaration in this action was the ordinary form in assumpsit upon a negotiable promissory note, with count for first indorsee against makers and the common counts.
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In error to the Circuit Court of Cook County; the Hon. Kirk Hawes, Judge, presiding. The declaration in this action was the ordinary form in assumpsit upon a negotiable promissory note, with count for first indorsee against makers and the common counts. The pleas were non assumpsit, a plea of failure of consideration, setting up that the note was given to Schuler, the payee named therein, for purchase of certificate Ho. 113, for fifty shares of stock in Hopkins Manufacturing Company, in case Schuler should wish to sell at maturity of note; that the certificate was never delivered nor…
1Opinion of the CourtMoran, P. J.
Plaintiffs in error contend that the instrument sued on is not a negotiable promissory note, but is a mere chose in action, the money mentioned therein payable only on the condition of compliance with the memorandum at the foot of the note. We are of opinion that this position is correct. It is “a requisite of commercial paper; that it must be payable absolutely and at all events. If the payment is made to be dependent upon any contingent event, the instrument ceases to be commercial paper. In order to be negotiable the payment must be unconditional?’ Tiedeman on Com. Paper, Sec. 25; Gillian…
2Cases cited7 opinions
- Benedict v. . CowdenNew York Court of Appeals · 1872
- Costelo v. CrowellMassachusetts Supreme Judicial Court · 1879
- Chairman of County Court ex rel. County Trustee v. SawyersTennessee Supreme Court · 1850
- Smilie v. StevensSupreme Court of Vermont · 1866
- Gillilan v. MyersIllinois Supreme Court · 1863
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3Cited by1 opinion
- Miers v. CoatesAppellate Court of Illinois · 1895