Pierce Trust & Savings Bank v. Sell

Appellate Court of Illinois

Pierce Trust & Savings Bank v. Sell

193 Ill. App. 364

CourtAppellate Court of Illinois

DecidedApril 15, 1915

DocketGen. No. 5,993

StatusPublished

This text of 193 Ill. App. 364 (Pierce Trust & Savings Bank v. Sell) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Pierce Trust & Savings Bank v. Sell, 193 Ill. App. 364 (Ill. Ct. App. 1915).

Pincite

Opinion

Mr. Justice Dibell

delivered the opinion of the court.

3. Bills and notes, § 255*—when holder may recover on note for stock of insolvent corporation. The holder of a note acquired in good faith before maturity from a corporation may recover thereon against the maker, notwithstanding that the holder hafi knowl-' edge that the instrument was given the corporation in payment for its stock, where he was not aware at the time the note was given, as well as when he acquired it, that the stock was valueless because of the insolvency of the company. ’ 4. Bills and notes, § 412*—who has burden of shoioing that one is not good faith holder. The burden of showing that a person is not an innocent holder of a note rests on the maker. 5. Bills and notes, § 462*—instruction as to recovery by holder of note given without consideration. An instruction in an action on a note by a subsequent holder, that he could not recover if the instrument was given without consideration, held not to correctly state the law.

Carnes, P. J., took no part in this decision.

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Mr. Justice Dibell

delivered the opinion of the court.

3. Bills and notes, § 255*—when holder may recover on note for stock of insolvent corporation. The holder of a note acquired in good faith before maturity from a corporation may recover thereon against the maker, notwithstanding that the holder hafi knowl-' edge that the instrument was given the corporation in payment for its stock, where he was not aware at the time the note was given, as well as when he acquired it, that the stock was valueless because of the insolvency of the company. ’ 4. Bills and notes, § 412*—who has burden of shoioing that one is not good faith holder. The burden of showing that a person is not an innocent holder of a note rests on the maker. 5. Bills and notes, § 462*—instruction as to recovery by holder of note given without consideration. An instruction in an action on a note by a subsequent holder, that he could not recover if the instrument was given without consideration, held not to correctly state the law.

Carnes, P. J., took no part in this decision.

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Bluebook (online)

193 Ill. App. 364, Counsel Stack Legal Research, https://law.counselstack.com/opinion/pierce-trust-savings-bank-v-sell-illappct-1915.