Reports of Cases At Law And in Chancery Argued And Determined in ..., volume 228
Reports of Cases At Law And in Chancery Argued And Determined in ..., volume 228
Illinois. Supreme Court
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His application said, in part : "I hereby bid a premium of per cent for a loan of $10,000." This business was trans- acted at an open meeting. Savage took the chance of some other person offering more for the money and thus defeat- ing his application in his absence. Digitized by VjOOQ IC 436 Glos 17. Holmes. [228 IIL Is a single bid submitted in writing, in the absence of the bidder, a compliance with the statute in question? In 6 Cyc. 149, it is said: "A letting of loans may be made as well b...y written as by oral bids." In support of this text numerous authorities are cited. Among them are Farmers' Savings Ass. v. Kent, 131 Ala. 246; Ruppel v. Missouri Guarantee Ass. 158 Mo. 613; State v. Stockton, 85 Mo. App. 477 ; Miller v. Missouri Guarantee Savings Ass. 83 id. 699; Bddinger v. Same, 83 id. 615. We do not think the law here under consideration was intended to mean that competitive bidders must be Actually present in order to make a valid bid. The law has been complied with in this case.
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