Opinion
Gen. No. 9,676. (Abstract of Decision.)
Opinion filed August 7, 1941 Rehearing denied December 15, 1941
BANKING, § 170.1 — directors' guaranty notes given upon transfer of banking business as without consideration and as satisfied. Renewals of notes given by directors of bank to second bank taking over its assets and liabilities were merely to guarantee that second bank would not lose by the transaction and were without consideration, and collection by second bank of sum in excess of the notes from first bank discharged directors from further liability, and fact that two of the directors had become directors of plaintiff bank which had purchased the directors' notes and further fact that this bank had carried the notes on its books for period of years was immaterial, as there was no showing that the two directors knew that the notes had in fact been satisfied by the collections.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from Circuit Court of Knox county; Hon. RILEY E. STEVENS, presiding.
Reversed. Heard in this court at May term, 1941.
Kenworthy, Shallberg Harper, for certain appellants;
S.R. Kenworthy and R.G. Graham, of counsel;
Burrel Barash, for appellee.
"Not to be published in full." Opinion filed August 7, 1941; rehearing denied December 15, 1941.