Dustin & Musick v. Hodgen

Citations

• 47 Ill. 125

Syllabus

<p>Guaranty—guarantors not liable beyond the express terms of their contract. On May 1st, 1861, D & M, bankers, agreed with H, both parties residing and doing business at Lincoln, 111., that he, H, might deposit certain “ corn money,” then in the hands of his agent in Chicago, to the amount of $1,000, with certain bankers in .Chicago, to the credit of D & M; H to draw for the same upon the banking house of D & M, at Lincoln. At this time the currency of the country was in a very precarious condition, and H failed to make such deposit until seven days after the agreement therefor, and thereafter made other deposits, to D & M’s credit, to the amount, in the whole, of $3,500, and shortly after, the bank became insolvent: Held, that in an action by H, against D & M, to charge them as guarantors of the deposits so made, they could not be held liable, the proof showing that the deposits made beyond the sum of $1,000, were without the authority or consent of D & M, and that no part of the funds were ever used or recognized by them, in any way, as their money, and that as to the deposit of the $1,000, it was not made within a reasonable time after the agreement therefor.</p>