Witherow v. Briggs

Citations

• 67 Ill. 96

Syllabus

<p>Promissory note—penalty for non-payment when dm. Where a promissory note, payable six months after date, contained this clause: “ If not paid at maturity, to forfeit and pay 20 per cent interest per annum till paid, as liquidated, agreed and assessed damages thereon for said detention and non-payment:” Held, in the absence of any other evidence, that the interest reserved was in the nature of a penalty to secure punctual payment, and recoverable.</p>