Ryhiner v. Feickert

Citations

• 92 Ill. 305

Syllabus

<p>1. Negotiable instruments—how transferred when made to joint payees. If a note be made payable to several persons, not partners, it can only be transferred by a joint indorsement of all of them; but when it is made to two or more persons as partners, it may be transferred by the indorsement^ any one of them.</p> <p>2. Partnership—what not evidence of. The mere fact that an abbreviated form, as “ Chas. & Wm. Feiokert,” instead of “ Charles Feiokert and William Feickert,” is used in describing the payees of a note, does not,- as a matter of law, authorize the public to assume they are partners.</p> <p>3. Same—possession of .note by one joint payee not evidence of. The possession of a note by one of two joint payees is not evidence that the payees are partners, but is simply prima facie evidence of the title disclosed upon the face of the note.</p> <p>4. Joint payees—-power to dispose of note. Neither one of two joint payees being the agent of the other, he can no more bind the other by a sale of the note without indorsement than he can by a sale with indorsement.</p> <p>5. Same—authority to collect does not confer authority to sell. The fact that one joint payee is authorized by the other to collect the note when due, does not authorize him to sell or compound it.</p>