Means v. Harrison

Citations

• 114 Ill. 248
• 2 N.E. 64

Syllabus

<p>1. Limitation—promissory note—effect of act of 1873 as to note given prior to that time. The Limitation acij of April 4, 1872, which took effect July 1, 1872, has no application to a promissory note given in January, 1872, payable two years after the date thereof. The Limitation law of sixteen years applies to such a note.</p> <p>2. Construction of statute—whether to give a retroactive effect, or only prospective. As a general rule a statute is construed so that it shall operate in futuro only, and not to affect past transactions. If the real design is left doubtful, the statute will be construed so as to have only a prospective-operation.</p> <p>3. Administration of estates—payment to an executor—in property. In the absence of any direction by will, an executor’s duty is to collect notes given to the testator, in money. He has no authority to exchange the same for other property.</p> <p>4. So in a suit on a note against several, the defendants pleaded that the note was given for $500 of money loaned by the payee to a Masonic lodge, and that such lodge paid divers large sums of money on the note, and after the death of the payee, the plaintiff (the executor of the deceased payee) received from said lodge, in payment of the note, other property of the value of $1400: Held, that the plea was palpably bad, and presented no defence.</p>