Yates v. James Valentine.
Decision Date | 31 January 1874 |
Citation | 1874 WL 8743,71 Ill. 643 |
Parties | CHRISTOPHER E. YATESv.JAMES VALENTINE. |
Court | Illinois Supreme Court |
OPINION TEXT STARTS HERE
WRIT OF ERROR to the Circuit Court of Hancock county; the Hon. JOSEPH SIBLEY, Judge, presiding.
Messrs. MANIER, PETERSON & MILLER, for the plaintiff in error.
Mr. JOHN H. WILLIAMS, for the defendant in error.
When a subsequent promissory note is given for the same consideration as a former one, it is a question of fact for the determination of the jury, whether the former note is thereby satisfied. If the subsequent note was executed and accepted by the respective parties for that purpose, the satisfaction is complete. Hart v. Boller, 15 Serg't & Rawle, 162; Brewer v. The Branch Bank, 24 Alabama, 440; Thatcher v. Dinsmore, 5 Mass. 299; French v. Price, 24 Id. 13; Hutchins v. Olcott, 4 Vt. 549; Homes v. Smith, 16 Maine, 177. This is in harmony with the previous rulings of this court upon the question. Ralston et al. v. Wood, 15 Ill. 168; Miller v. Lumsden, 16 Id. 162; Strong et al. v. King, 35 Id. 19; White v. Jones et al. 38 Id. 159; Hough v. Ætna Life Ins. Co. 57 Id. 318.
Applying the principle to the facts in the case before us, we can not see how the court below could reasonably have rendered a different judgment from what it did.
The note given by the defendant to the plaintiff was indorsed by the plaintiff in blank, and placed in the hands of Ablowitch. This invested Ablowitch with the apparent ownership and legal title. The defendant had no notice that there was a secret agreement between the plaintiff and Ablowitch, by which Ablowitch, in fact, only held the note as collateral security; nor of the subsequent settlement between them, whereby the plaintiff became entitled to repossess himself of the note. Under these circumstances, the defendant is justified in having considered Ablowitch as the lawful owner of the note, and in treating with him for its payment. When Ablowitch accepted the defendant's notes, payable to himself, for the principal and interest due on this note, he surrendered it to the defendant. We can conceive of no act showing more decisively that it was intended by the parties that the note was satisfied, and should be canceled. It was intended that the defendant should thereafter be bound by the terms of the notes then given, and the old note was given him that it might cease to exist as an evidence of indebtedness against him.
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