House v. Trustees of Schools of Town 35

Citations

• 83 Ill. 368

Syllabus

<p>1. Surety—release by failure to present debt against estate of deceased principal. The statute providing that, where the principal maker of a joint note dies, the payee or assignee shall present the same against the estate of the decedent for allowance, and that, upon a failure to do so, the sureties shall be released, is not a mere statute of limitations. On the contrary, the Statute forms a part of the contract, upon which the sureties have a right to rely, even in case of a note payable to the trustees of schools; and if the note is not presented within the time limited by the statute, the sureties will be released.</p> <p>2. Township treasurer—liability of, on Ms bond, for failure to present claim against estate of deceased debtor. If the township treasurer fails to present a note, payable to the school fund, against the estate of the principal maker, within the time limited by law, the sureties will be released, and if the amount is thereby lost to the school fund, the treasurer will be liable therefor on his official bond.</p>