Hunt v. Divine

Citations

• 37 Ill. 137

Syllabus

<p>1. Promissory note—What constitutes — certificate of deposit. A banking house issued a certificate of the following form: “ Bankinghouse of E. T. Hunt & Co., Sycamore, Ill., March 9th, 1861, 0. M. Chase, Esq., has deposited in this bank two hundred and eighty dollars and fifty cents in currency, subject to the order of himself, and payable in like funds on return of this certificate, three months after date, E. T. Hunt & Co.,’* endorsed “C. M. Chase.” Seld, such a certificate was in .effect, a mere promissory note and governed by the rules nad principles applicable to that class of paper. The makers of the certificate engaged to pay to the order of Chase, the amount specified in it, in three months after its date, and at no particular place nor on demand.</p> <p>2. Banking law—what a violation of. The banking law of the State only prohibits the issue of evidence of indebtedness not payable on demand, by persons who have availed themselves of its provisions to act in a corporate capacity.</p> <p>3. Same — effect of the words “on return of this certificate.” These words do not change the legal effect of the undertaking, or require the holder to present' the note at the hanking house of the makers. There being no promise to pay at the banking house, there was, consequently, no obligation on the holder to present it there.</p> <p>4. Same—rule as to promissory notes. In regard to this kind of paper the rule is, the maker must find his paper and take it up. The demand is by the maker on the holder, which, when made, will be the time to return the certificate.</p> <p>5. Same — when return of certificate is a condition precedent. There being no place named where this money was to be paid andsthe certificate returned, the return of the certificate cannot be a condition precedent to a recovery. If it is produced on the trial, ready to be delivered up to the maker, the holder will have performed his obligation. In every promissory note, there is an implied undertaking by th