Yeaton v. Berney

Citations

• 62 Ill. 61

Syllabus

<p>1. Promissory Note—demand not necessary. Where a promissory note is made payable at a specified time and place, it is not necessary for the payee to make a demand of payment at the time and place specified in order to maintain an action upon the note, or a bill to foreclose a mortgage executed to secure the payment of the note.</p> <p>2. Same—readiness to pay. But if in such case the maker of the note is at the place of payment at the time designated, and is ready and offers to pay the money, but can not because the note is not there ready to be surrendered, such readiness and offer on the part of the maker will discharge him from liability to pay interest accruing after the maturity of the note.</p> <p>3. State or War—effect of accruing interest. So where a note executed in the year 1857 was made payable at a specified time and place in the city of Chicago, and at the time the note became due the payee resided in the then rebellious States of the Union, and had the note there in his possession, it was held, that the fact of the existence of a state of war would not relieve the makers who resided within the Union lines from the payment of interest on the note accruing after its maturity and during the existence of hostilities, as no legal obstacle was in the way of their being at the time of payment at the place designated, the same being within the Union lines, and offering to pay the note, thus relieving themselves from liability to pay such interest. Such readiness and offer to pay would have been no breach of duty toward their government. Nor did the fact of the existence of hostilities between the United States Government and the confederate de facto government relieve such of the makers of the note as resided within the confederate lines from liability to pay such interest, as no legal obstacle was in the way of their paying the note there to the payee, the latter also residing there and having the note in his possession.</p>