Dunnigan v. Stevens

Citations

• 122 Ill. 396
• 13 N.E. 651

Syllabus

<p>1. Negotiable instruments—liability of indorser—by what law governed. Where promissory notes are made and indorsed in another State, the law of that State will govern as to the indorser’s liability.</p> <p>2. Same—character of liability under the law merchant. Under the law merchant, the indorsement of a note amounts to a contract on the part of the indorser, that if, „when duly presented, the note is not paid by the maker, the indorser will, upon due and reasonable notice given him of the dishonor, pay the same to the indorsee or oth§r holder.</p> <p>3. Same—waiver of presentment and notice, as qualifying character of liability of indorser. Under the law merchant in force in the State of Indiana, applicable to a note payable in a bank of that State, where there is an express waiver, in writing, by the indorser, of presentment for payment and of notice of its non-payment, the indorser’s obligation for its payment is unconditional and absolute, and on the maturity of the note the holder may immediately bring suit against the indorser, without performance of any act.</p> <p>Í. An indorser may, by the form of his indorsement, make himself absolutely and positively, in all events, liable for the payment of the note, with or without due presentment or due notice of non-payment. If there is an agreement, in writing, to dispense with any demand upon the maker, or with notice of dishonor, the language will be construed to import an absolute dispensation with the ordinary conditions of an indorsement, and the indorser will become as absolutely bound to pay the same, when due, as if a guarantor or surety.</p> <p>5. Administbation oe estates—as to claims not due—estate of indorser of promissory note. Under section 67, chapter 3, of the Revised Statutes, relating to the administration of estates of deceased persons, the indorsee of notes not yet due, where the liability of the indorser was absolute and not dependent upon any conditions, may have the same allowed against the