Thomas R. Wood & Co. v. Merchants' Saving, Loan & Trust Co.

Citations

• 41 Ill. 267

Syllabus

<p>1. Promissory note—payable at (¿particular place—rights and duties of the parties. The holder of a promissory note, which is payable at a particular place, is under no obligation to present the note for payment, where payable.</p> <p>2. The maker, in an action against him on such note, may, however, plead in bar of damages and costs, a readiness to pay at the time and place.</p> <p>■ 3. If the holder of the note is present at the time and place of payment, and the maker is there, and tenders the amount, and the holder refuses to receive it, this will be no bar to a recovery by suit, and unless the tender is kept good, by bringing the money into court, it will not even bar a recovery for damages and costs.</p> <p>4. The making of a note payable at a particular place, as a bank, does not amount to an agreement, that the maker may make a deposit at such bank, of the amount of the note, and thus discharge his obligation, and the money ' so deposited to be at the risk of the holder of the note.</p> <p>5. Nor would the bank at which such a note was made payable, have the right to pay it, or apply the money deposited in the bank by the maker, to its payment, except by the special direction of the maker and depositor, either verbally, of by check or draft or some other writing.</p> <p>6. So if the holder of such a note, presents it at the bank where it is made payable, at the time it is due, and the maker then has money on deposit in the bank sufficient to pay the note, but the teller only certifies on the face of the note that it is “good,” and the holder takes away the note without the money, this will not change the liability of the parties in any way, nor will the maker be released from his liability even though he should lose his deposits by the failure of the bank on the next day.</p>