Canon v. Grigsby

Citations

• 116 Ill. 151
• 5 N.E. 362

Syllabus

<p>1. Aetebation—as to one of several makers of a promissory note, consenting to an alteration. Notes for the price of certain property purchased by the makers, were filled up and1 signed by the makers thereof, leaving a blank as to the place of payment, and providing for interest at the rate of six per cent, and given to one of the makers with which to complete the purchase. He took the same to the seller, who refused to receive them with the rate of interest provided, when the party having the notes consented to filling the blank and changing the rate of interest to seven per cent, and then delivered them and received the property: Held, that the maker who delivered the notes, knowing of the change, was bound by them, and could not take advantage of the alteration.</p> <p>2. Same—by filling blank as to place of payment. Where one of the makers of a note intrusted with it by the other for delivery, consents to the filling of a blank, thereby fixing the place of payment, and delivers the same so changed, the note will not be rendered void from such alteration.</p> <p>3. Same—ratification by failing to repudiate on notice. Two parties desirous of purchasing certain personal property, filled up two notes for the price, bearing six per cent interest, and prepared a bill of sale of the property, with a warranty showing the giving of the notes at six per cent interest. One of the makers took these instruments to the seller, who refused to take notes 'bearing that rate of interest, and it was then agreed -by such maker to change the rate of interest to seven per cent in both the notes and the bill of sale, which was done and the purchase concluded. The other maker of the notes afterward saw and read the the bill of sale, which showed the notes bore interest at seven per cent, and he failed to rescind the contract and return the property: Held, that if the miker last mentioned knew of the alteration of the notes, and did not in a reasonable time rescind the contract for th