Willetts v. Paine

Citations

• 43 Ill. 432

Syllabus

<p>1. Checks — laches of the holder discharges the drawer. Where the holder of a check neglects to present it for payment until twenty-five days after it is drawn, during which time the drawees fail, he cannot have recourse on the drawer, unless he shows, that no loss occurred to the drawer through such delay.</p> <p>2. Where a depositor having funds in a bank, gives a check, which the holder neglects to present for payment within a reasonable time, he cannot be held liable for non-payment in current funds, unless the holder shows, not merely, that the funds on deposit were depreciated at the date of the check, but that they were depreciated at the time of deposit, and that, therefore, the drawer had no right to draw the check, or to expect its payment in current funds.</p> <p>, 3. Banking—rights of depositors. Where a party who keeps an account with a banking house, deposits funds, which are at the time current, he has a right to insist on payment in current funds, although the funds deposited have in the mean time become depreciated.</p> <p>4 If bank bills are deposited as depreciated paper, the depositor has no right to draw for par funds, or expect payment of a check thus drawn.</p>