Bledsoe v. Graves

Citations

• 5 Scam. 382

Syllabus

<p>Appeal from Greene.</p> <p>1. Promissory Note — erasttre of endorsement. Where an erasure is made oftheen-dorsement of a promissory note, without the knowledge or consent of the holder, such erasure will not affect the rights of either party, (a) </p> <p>2. Same — liability of assignor. Under the statute in relation to promissory notes, there are three contingencies in which the assignor may be made liable : first, when the assignee has used due diligence to collect the money, by the institution and prosecution of a suit against the maker; secondly, when such suit could not have been instituted by reason of .the maker having left the state, or absconded, when the note fell due; and, thirdly, when the institution of a suit would have been unavailing.</p> <p>3. Same — same. If at the time a promissory note falls due, the institution and prosecution of a suit against the maker would be unavailing, the holder may proceed immediately against the assignor, to collect the note: but if he does not do this, in order to fix the liability of the assignor, he must show that a suit against the maker, at any time while he held the note, would have beén alike unavailing. If he omit any opportunity of collecting the money from the maker, before he proceeds against the assignor, he is guilty of such laches as will discharge the latier.</p> <p>4. Same — same. In order to charge the assignor of a note, it is not necessary, under the statute of Illinois, to notify him of the non-payment of the same.</p> <p>5. Same — same. It is not necessary that the assignee of a note, to.entitle him to recourse against the assignor, should go into a court of chancery, before he can proceed against the assignor. It is only necessary that he should have used due diligence by proceeding at law against the maker, (b) </p>