Illinois Compiled Statutes
Chapter 815 - BUSINESS TRANSACTIONS
815 ILCS 105/ - Promissory Note and Bank Holiday Act. (Part 1)

(815 ILCS 105/0.01) (from Ch. 17, par. 600)
Sec. 0.01.
Short title.
This Act may be cited as the
Promissory Note and Bank Holiday Act.

(Source: P.A. 86-1324.)
 
(815 ILCS 105/3) (from Ch. 17, par. 601)
Sec. 3.

All promissory notes, bonds, due bills and other
instruments in writing, made or to be made, by any person,
body politic or corporate, whereby such person promises or
agrees to pay any sum of money or articles of personal property,
or any sum of money in personal property, or acknowledges any
sum of money or article of personal property to be due to any
other person, shall be taken to be due and payable, and the sum
of money or article of personal property therein mentioned shall,
by virtue thereof, be due and payable as therein expressed.

(Source: R.S. 1874, p. 718.)
 
(815 ILCS 105/4) (from Ch. 17, par. 602)
Sec. 4.

Any note, bond, bill or other written instrument, made
payable to any person named as payee therein, shall be assignable, by
indorsement thereon, under the signature of such person, and
of his assignees,
in the same manner as bills of exchange are, so as to
transfer absolutely
and vest the property thereof in each and every assignee successively.

(Source: P.A. 84-550.)
 
(815 ILCS 105/5) (from Ch. 17, par. 603)
Sec. 5.

Any assignee to whom such sum of money or personal property is,
by such indorsement or indorsements, made payable, or in case of the death
of such assignee, his executor or administrator, may, in his own name,
institute and maintain the same kind of action for the recovery thereof,
against the person who made and executed any such note, bond, bill or other
instrument in writing, or against his heirs, executors or administrators,
as might have been maintained against him by the obligee or payee, in case
the same had not been assigned; and in every such action, in which judgment
shall be given for the plaintiff, he shall recover his damages and costs of
suit, as in other cases.

(Source: R.S. 1874, p. 718.)
 
(815 ILCS 105/6) (from Ch. 17, par. 604)
Sec. 6.

No maker of any such note, bond, bill, or other instrument in
writing, or other person liable thereon, shall be allowed to allege payment
to the payee, made after notice of assignment, as a defense against the assignee.

(Source: R.S. 1874, p. 718.)
 
(815 ILCS 105/7) (from Ch. 17, par. 605)
Sec. 7.

The rights of the lawful holders of promissory
notes payable in money and the liability of all parties to or upon said
notes shall be the same as that of like parties to inland bills of exchange
according to the custom of merchants. Every assignor of every other note,
bond, bill or other instrument in writing mentioned in Section III of this
act shall be liable to the action of the assignee or lawful holder thereof,
if such assignee or lawful holder shall have used due diligence by the
institution and prosecution of a suit against the maker thereof, for the
recovery of the money or property due thereon, or damages in lieu thereof.
But if the institution of such suit would have been unavailing, or the
maker had absconded or resided without or had left the state when such
instrument became due, such assignee or holder may recover against the
assignor as if due diligence by suit had been used.

(Source: Laws 1895, p. 262.)
 
(815 ILCS 105/9) (from Ch. 17, par. 610)
Sec. 9.

In any action upon a note, bond, bill, or other instrument in
writing, for the payment of money or property, or the performance of
covenants or conditions, if such instrument was made or entered into
without a good and valuable consideration, or, if the consideration upon
which it was made or entered into has wholly or in part failed, it shall be
lawful for the defendant to plead such want of consideration, or that the
consideration has wholly or in part failed; and if it shall appear that
such instrument was made or entered into without a good or valuable
consideration, or that the consideration has wholly failed, judgment
shall be rendered in favor of the defendant; and if it shall
appear that the consideration
has failed in part, the plaintiff shall recover according to the justice of
the case: Provided, that nothing in this section contained shall be
construed to affect or impair the right of any bona fide assignee of any
instrument made assignable by this act, when such assignment was made
before such instrument became due.

(Source: P.A. 83-345.)
 
(815 ILCS 105/10) (from Ch. 17, par. 611)
Sec. 10.

If any fraud or circumvention be used in obtaining the making or
executing of any of the instruments aforesaid, such fraud or circumvention
may be pleaded in bar to any action to be brought on any such instrument so
obtained, whether such action be brought by the party committing such fraud
or circumvention, or any assignee of such instrument.

(Source: R.S. 1874, p. 718.)
 
(815 ILCS 105/11) (from Ch. 17, par. 612)
Sec. 11.

If any such note, bond, bill or other instrument in writing shall
be indorsed after the same becomes due, and any indorsee shall institute an
action thereon against the maker of the same, the defendant being maker
shall be allowed to set up the same defense that he might have done had the
action been instituted in the name and for the use of the person to whom
such instrument was originally made payable, or any intermediate holder.

(Source: Laws 1895, p. 262.)
 
(815 ILCS 105/12) (from Ch. 17, par. 613)
Sec. 12.

In any action upon a note, bond, bill, or other instrument in
writing, which has been assigned to or transferred by delivery to the
plaintiff after it became due, a set-off to the amount of the plaintiff's
debt may be made of a demand existing against any person or persons who
shall have assigned or transferred such instrument after it became due, if
the demand be such as might have been set-off against the assignor, while
the note or bill belonged to him.

(Source: Laws 1895, p. 262.)
 
(815 ILCS 105/13) (from Ch. 17, par. 614)
Sec. 13.

If any such note, bond, bill, or other instrument of writing,
shall be assigned before the day the money or property therein mentioned
becomes due and payable, and the assignee shall institute an action
thereon, the defendant may give in evidence at the trial any money or
property actually paid on the said note, bond, bill, or other instrument in
writing, before the said note, bond, bill, or other instrument in writing
was assigned to the plaintiff, on proving that the plaintiff had sufficient
notice of the said payment before he accepted or received such assignment.

(Source: Laws 1895, p. 262.)
 
(815 ILCS 105/14) (from Ch. 17, par. 615)
Sec. 14.

In any action founded upon any note, bond, bill, or other
instrument in writing, or in which the same, if produced might be allowed
as a set-off in defense, if it shall appear that such instrument was lost
while belonging to the party claiming the amount due thereon, to entitle
him to recover upon or set-off the same, he may, in the discretion of the
court, be required to provide such security as is required in Section
3-804 of the Uniform Commercial Code.

(Source: P.A. 85-350.)
 
(815 ILCS 105/15) (from Ch. 17, par. 616)
Sec. 15.

No promissory note, cheque, draft, bill of exchange, order or
other negotiable or commercial instruments, shall be entitled to days of
grace, but shall be absolutely payable at maturity.

(Source: Laws 1895, p. 261.)
 
(815 ILCS 105/16) (from Ch. 17, par. 617)
Sec. 16.

In all computations of time, and of interest and discounts,
a month shall be considered to mean a calendar month, and a year shall
consist of twelve calendar months; and in computations of interest or
discounts for any number of days less than a month, a day shall be
considered a thirtieth part of a month and interest or discounts shall
be computed for such fractional parts of a month upon the ratio which
such number of days shall bear to thirty.

(Source: Laws 1895, p. 262.)

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