Bradford & Son v. Hoiles

Citations

• 66 Ill. 517

Syllabus

<p>Promissory note—waiver of penalty in. Where the payee of a promissory note which contained a clause that if the sum therein mentioned was not paid when due, the maker should pay thereon five per cent per month as damages, from its maturity, and the payee, from time to time after its maturity, accepted interest thereon at ten per cent per annum, until the death of the maker: Held, that the acceptance of the interest evidenced an agreement to waive the damages, which were in the nature of a penalty, and take ten per cent interest in lieu thereof, and that the payee could not thereafter recover the penalty.</p>