Wickersham v. Altom

Citations

• 77 Ill. 620

Syllabus

<p>1. Assignor and assignee—assignor's liability. Where the evidence shows thnt the maker of an indorsed promissory note was insolvent at its maturity, and so continued, and therefore a suit against him would have been unavailing, the assignor will be liable to the assignee upon his assignment.</p> <p>2. Same—estoppel to deny that suit would, hare been unavailing. Where the assignee of a promissory note, shortly after its maturity, informed the assignor that he could find no properly of the maker out of which to make the debt, and asked if lie should sue him. and the assignor told him he had better “coax it out of himHeld, in a suit by the assignee against the assignor, that this was sufficient to estop the latter from insisting- that suit should have been brought against the maker, and a tacit admission that a suit would have been unavailing.</p>