Yocum v. Smith

Citations

• 63 Ill. 321

Syllabus

<p>1. Promissory mote—bona fide. The holder of negotiable paper, indorsed before maturity, for value, and without notice of faults which might affect its validity between the antecedent parties, takes it unaffected by facts which might render it invalid between the original parties. An exception is created by statute, in case of notes obtained by fraud and circumvention.</p> <p>2. Negligence of maker. Unpardonable negligence attaches to the maker of a promissory note containing blanks which admit of being filled so as to increase the amount, without room for suspicion, such note being evidently intended for circulation.</p> <p>3. If, after knowledge of the alleged alteration, he fail to put the bona fide holder on his guard, until after maturity of the note and threat of suit, he is too late, and can not set up the alteration.</p> <p>4. If the negligence of one influences and induces an act whereby an innocent man is injured, the culpable party must”sustam the loss.</p>