Lawrence ex rel. De Wolf v. Schmidt

Citations

• 35 Ill. 440

Syllabus

<p>1. Drafts — checks—when notice of dishonor is necessary to hold the drawer liable. According to the rules of mercantile law, the drawer of a draft or check ■must have due notice of its dishonor before he can be held liable for non-acceptance or non-payment.</p> <p>2. Same —presumed to draw wpon funds. It is always presumed he draws upon funds in the hands of his banker; and hence the necessity of such notice, that he may protect his interest, and secure his funds in the hands of the party upon whom the bill is drawn.</p> <p>3. Same — drawer may waive notice, or he may so act as to amount to a waiver of notice.</p> <p>4. Same—when not entitled to notice. But when he has not drawn against funds', the necessity for notice does not exist.</p> <p>5. A party drawing upon another, must not only provide the funds, but the kind of funds for which he draws; otherwise it is the same as if no funds were provided.</p> <p>6. -As where a party draws for current funds, while he has in the hands of the drawee only depreciated currency, which the holder is not bound to receive, the drawer is not entitled to notice of the non-payment of the check in order to fix Bis liability.</p> <p>1 Í. Current funds. Where a party draws a check for current funds, the holder is not bound to receive depreciated paper.</p> <p>8. Same. Where the check does not designate what character of funds are drawn for, but simply calls for a given number of dollars, the holder has a right to demand its payment in money, and is not bound to receive depreciated currency.</p>