Funk v. Buck

Illinois Supreme Court
Funk v. Buck, 91 Ill. 575 (Ill. 1878)
Scott

Funk v. Buck

Opinion of the Court

Mr. Justice Scott

delivered the opinion of the Court:

It is very clear, from the evidence preserved in the record, there was not the slightest intention on the part of plaintiff to waive any right to exact damages for the non-payment of the note at maturity. He was not asked to do so. Nor was there any valid extension for the payment of the note for any definite period that indicated.it was a mere device to secure a greater rate of interest than the statute allows. What was done was done simply to oblige defendants for the time being, as a personal favor, and must have been so understood by them. Plaintiff consented to no extension of payment for any definite period, nor did he waive his right to sue defendants at any time. It was the privilege of defendants to pay the note at their pleasure, and thus avoid the payment of the damages agreed upon on account of the failure so to do. • The case, in all its essential features, is within the rule declared in Downey v. Beach, 78 Ill. 53, and the judgment must be affirmed.

Judgment affirmed.

Reference

Full Case Name
John W. Funk v. Hiram Buck
Cited By
1 case
Status
Published
Syllabus
1. Liquidated damages—waiver by delay to sue. Where the payee in a promissory note bearing ten per cent interest from date till due, and fifteen per cent thereafter if not paid at maturity, on being pressed not to sue shortly after the note became due, promised that he would not sue as long as he could help it, but gave no definite time, this was held no waiver of his right to exact the fifteen per cent interest as damages for non-payment at maturity. 2. Usury—greater rate after maturity than is allowed. Where a promissory note provides for the payment of fifteen per cent per annum interest after maturity if the note is not promptly paid when due, a simple delay in bringing suit, at the request of the principal maker, as a personal favor, there being no valid extension of the time of payment, will not indicate that the delay was a mere device to secure an unlawful rate of interest.