Opinion
Gen. No. 42,312. (Abstract of Decision.)
Opinion filed March 22, 1943 Rehearing denied April 5, 1943
NEGOTIABLE INSTRUMENTS, § 454 — when plaintiffs are not entitled to directed verdict for amount of note. Where it appeared that the three plaintiffs and defendant were stockholders in same company and, it being necessary to obtain loan to pay off indebtedness of company and liquidate its assets, each of four parties executed notes, defendant's note being made payable to three plaintiffs and indorsed by them, and four notes were then put up as collateral for loan plaintiffs were to make, as result of which assets were to be liquidated from which notes would be taken up and defendant's note returned, held, on trial after judgment by confession on defendant's note had been opened up, that court properly denied plaintiffs' motion for directed verdict, since money was borrowed for benefit of corporation and by plaintiffs who were officers and were running corporate business.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from Municipal Court of Chicago; Hon. WILLIAM V. DALY, presiding.
Judgment affirmed. Heard in first division, first district, this court at June term, 1942.
Orrico Rosenzweig, for appellants;
Joseph B. Gilbert, of counsel;
Owens Owens, for appellee.
"Not to be published in full." Opinion filed March 22, 1943; rehearing denied April 5, 1943