Stowell v. Raymond

Citations

• 83 Ill. 120

Syllabus

<p>1. Guabanty—presumption from name indorsed on note. If a promissory note in the hands of the payee has upon its back the signature in blank of a third person, the presumption, in the absence of proof, is, that such person indorsed as a guarantor, but this presumption may be rebutted by clear and satisfactory proof of a different intention.</p> <p>2. 8ame—proof, to rebut presumption. Proof that the indorser’s name was put upon the note for the purpose of becoming liable as security that the maker should be responsible for the payment of the note, and that the indorser refused to sign as maker, will not rebut the presumption of a contract of guaranty.</p> <p>3. Same—nature of undertaking. No legal proceedings against the maker of a note are necessary to fix the liability of a guarantor, nor is it necessary to show the insolvency of the maker, or to prove demand or notice of non-payment, or to use diligence against the maker.</p>