Nowak v. Excelsior Stone Co.

Citations

• 78 Ill. 307

Syllabus

<p>1. Bill op exchange—acceptor can not plead that there was no consideration. In a suit against the acceptor of a bill of exchange, he will not be permitted to insist that there was no consideration for the acceptance.</p> <p>2. The fact that the acceptor of a bill of exchange had no funds in his hands belonging to the drawer at the date of the acceptance, or that he was not then and did not thereafter become indebted to the drawer in any manner, makes no difference in a suit against the acceptor, and a demurrer to a plea setting up such fact should be sustained.</p> <p>3. Same—rule as to, under commercial usages, not changed ly the statute. The 9th section of chapter 98 of Revised Statutes of 1874, being substantially like the statute of 1845, in which the word “bill” was held to mean due bill, is to be construed the same way, and held not to have any reference to bills of exchange.</p>