Gross v. Weary

Citations

• 90 Ill. 256

Syllabus

<p>1. Set-off—waiver of right by execution of power to confess judgment. The execution of a promissory note with a cognovit authorizing the entry of judgment thereon after the rendering of services by the maker of the note to the payee, is a waiver of the right to interpose the value of such services as a set-off to the note.</p> <p>2. Judgment by confession—staying proceedings. Where judgment is entered by confession upon a note under a warrant of attorney, the proceedings under the judgment will not be stayed to await the result of an issue on motion to open the judgment and allow a defense, by way of set-off, for services rendered by the maker of the note, when the affidavit in support of the motion does not show that services of any material value have been rendered since the execution of the power to confess judgment.</p> <p>3. Consideration—of promise to give credit on note. Where a party has waived his right to a set-off against a note by the execution of a cognovit to confess judgment on the note, a subsequent promise of the payee to give credit on the note for any matter of set-oif known to be existing at the time of the giving of the cognovit, is but a nudum pactum, and binding in conscience only.</p>