South Side State Bank v. Fox River Distilling Co.

Appellate Court of Illinois

South Side State Bank v. Fox River Distilling Co.

194 Ill. App. 655, 1915 Ill. App. LEXIS 578

Appellate Court of Illinois·Decided October 5, 1915·No. Gen. No. 20,054·Published·Cited by 1 cases

Opinion

Mr. Justice Barnes

delivered the opinion of the court.

4. Corporations, § 457*—when holder of note on which corporation accommodation indorser charged with notice. A hank accepting for discount commercial paper bearing the indorsement of a commercial corporation, under circumstances charging such discounting bank with notice that such indorsement was for accommodation merely, is also charged with notice that such indorsement of such corporation is ultra vires as being an act not within the scope of the ordinary business of such corporation.

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Mr. Justice Barnes

delivered the opinion of the court.

4. Corporations, § 457*—when holder of note on which corporation accommodation indorser charged with notice. A hank accepting for discount commercial paper bearing the indorsement of a commercial corporation, under circumstances charging such discounting bank with notice that such indorsement was for accommodation merely, is also charged with notice that such indorsement of such corporation is ultra vires as being an act not within the scope of the ordinary business of such corporation.

South Side State Bank v. Fox River Distilling Co., 194 Ill. App. 655, 1915 Ill. App. LEXIS 578 (Ill. Ct. App. 1915).

Pincite

194 Ill. App. 655 (South Side State Bank v. Fox River Distilling Co.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Opinion

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