Dorsey v. Wolff

Citations

• 142 Ill. 589
• 18 L.R.A. 428

Syllabus

<p>1. Usury — clause in note for attorney’s fees if not paid when due and suit is brought — whether usurious. A promissory note provided for tha payment of the principal two years after the date thereof, ‘‘with eight per cent interest per annum after maturity, and if not paid when due and suit is brought thereon, then we promise to pay ten per cent on the amount due herein, in addition, as an attorney’s fee, and to be recovered as part of this note or by separate suitHeld, that the provision for an attorney’s fee did not render the transaction usurious, when it was not shown that ten per cent is an unreasonable attorney’s fee.</p> <p>2. Promissory note — right of assignee to recover attorney’s fees. A clause in a note whereby the maker promises to pay an attorney’s fee of ten per cent in case suit is brought thereon, either in such suit or by a separate action, passes by the assignment of the note as an incident to the main debt, and the assignee may recover such fee in an action on the note, or in a separate action brought after suit on the-note.</p> <p>3. Same — promising attorney’s fees and interest after due — whether negotiable. A provision in a note for the payment of the legal rate of interest after maturity, and that if not paid when due and suit isbrotight thereon, the maker promises “to pay ten per cent on the amount due thereon, in addition, as an attorney’s fee, to be recovered as part of the note or by separate suit,” will not destroy its negotiability, as such stipulation does not take effect until after the maturity of the-note.</p> <p>i. A note which provides for the payment, after maturity thereof, of a certain rate of interest per annum, not exceeding the legal rate, is. not made conditional by such provision.</p> <p>5. Same — defined. In general terms a prommissory note may be defined to be a written promise b'y one person to pay to another person therein named, or order, a fixed sum of money at all events and at a time specified therein, or at a