Mix v. National Bank

Citations

• 91 Ill. 20

Syllabus

<p>1. Evidence—to show existence of a National Bank—certificate of the comptroller of the currency. In a suit by a National Bank, as indorsee, upon a promissory note, under the issue upon a plea of nul tiel corporation the plaintiff, against the objection of the defendant, was permitted to give in evidence the certificate of the comptroller of the currency issued under section 22 of the National Bank act, that the association had complied with the law and was authorized to do business. There was, besides, evidence that the bank had been acting as a national bank for several years, and the existence of the bank was acknowledged in the note signed by the defendant, it being made payable at the bank: Held, the certificate was properly enough received in evidence, and the proof was sufficient to establish, at least prima facie, the existence of the corporation.</p> <p>2. Assignment—before maturity, as payment or security for pre-existing debt— how far protected. It has been held that the indorsee of a promissory note before its maturity, taking it as payment or security for a pre-existing debt, shall be deemed a holder for a valuable consideration, in the ordinary course of trade, and shall hold it free from latent defences on the part, of the maker.</p> <p>3. In this case the payee of a note left the same with a bank for collection, the note not then being due, and at the same time the payee indorsed it. The party so leaving the note for collection was surety upon another note to the same bank, and it was the understanding between the surety and the bank, at the time the former left his note for collection, that the proceeds thereof when collected, should be applied on the note upon which he was surety. Subsequently, and after the maturity of the note left for collection, the note to the bank was renewed, the other note being then turned over to the bank as collateral security for the renewed note. It was held, in a suit by the bank, as indorsee of the note so left for