Turner v. Peoria & Springfield Railroad

Citations

• 95 Ill. 134
• 1880 Ill. LEXIS 158

Syllabus

<p>1. Receiver’s certificates—not enforcible if without consideration. A certificate of indebtedness issued by a receiver of a railroad company, under an order of the court appointing him, to pay debts and expenses incurred by his predecessor, not on account of any indebtedness made by the former receiver or for which the receiver issuing it received any benefit from the payee, or any one else, is not entitled to be paid out of any funds in the hands of the receiver, either at the suit of the payee or holder for value.</p> <p>2. Same—notice of right to issue, by writing on bach. Where a court orders a receiver of a railway company to issue certificates of indebtedness for a specific purpose, to be made payable to the persons to whom delivered or order, and one is issued to A B or bearer, which is negotiated by mere delivery, the holder will take the same subject to all equitable defences against the payee, and the printed order of the court on its back is notice to him that it was made payable to bearer contrary to the order of the court authorizing the issue.</p> <p>3. Assignment—what instruments are negotiable. All instruments for the payment of money or articles of personal property to a particular person, are only assignable, under our statute, so as to enable the assignee to maintain an action in his own name, by the indorsement of the person named as the payee under his hand;—and it makes no difference that such instruments contain, in addition to the name of the payee, the words “ or order,” “ or bearer.” The recent statute, making instruments payable to bearer only, negotiable, has not changed this rule.</p> <p>4. Same—what kind of paper is negotiable. It is essential to the negotiability of promissory notes, bonds, bills and other instruments in writing for the payment of money or articles of personal property by indorsement., that they be payable absolutely and unconditionally,—not depending on any contingency, either in regard to the event or the fund out