Wood v. Surrells

Citations

• 89 Ill. 107

Syllabus

<p>1. Bill of exchange—what necessary to fix liability of drawer. The liability of a drawer of an inland bill of exchange is fixed by presenting the draft on the day of its maturity, and notice of its dishonor. The holder of a protested bill or draft is not bound to prosecute the acceptor to insolvency before he can resort to the drawer for payment. Our statute relating to suits against the assignor of promissory notes, has no application to bills or drafts, which are governed by the commercial law.</p> <p>2. Parol evidence—to vary written contract. The rule is familiar, that an agreement can not exist partly in writing and partly in parol, or, that verbal terms or conditions can not control the rights or legal liabilities of parties to commercial paper.</p> <p>3. Where one of several judgment, debtors gave a bill of exchange on a third person, whose acceptance was procured in satisfaction of the judgment, it was held, that evidence of a parol agreement at the time of the drawing of the bill, to release the drawer from all liability oh the draft, was inadmissible.</p>