Appellate Court of Illinois, 1915

South Side State Bank v. Fox River Distilling Co.

Appellate Court of Illinois · Decided October 5, 1915 · Barnes

194 Ill. App. 655; 1915 Ill. App. LEXIS 578

Opinion of the Court

Mr. Justice Barnes

delivered the opinion of the court.

4. Corporations, § 457*—when holder of note on which corporation accommodation indorser charged with notice. A hank accepting for discount commercial paper bearing the indorsement of a commercial corporation, under circumstances charging such discounting bank with notice that such indorsement was for accommodation merely, is also charged with notice that such indorsement of such corporation is ultra vires as being an act not within the scope of the ordinary business of such corporation.

Case-law data current through December 31, 2025. Source: CourtListener bulk data.