Reports of Cases Determined in the Appellate Courts of Illinois, volume 134
Reports of Cases Determined in the Appellate Courts of Illinois, volume 134
Illinois. Appellate Court, Martin L. Newell, Mason Harder Newell, Walter Clyde Jones, Keene Harwood Addington, James Christopher Cahill, Basil Jones, James Max Henderson, Ray Smith
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180. The evidence satisfactorily establishes that appellee extended credit to Hall solely upon his representation that he intended using the money loaned to him in part purchase of the stock of goods, and that it was so used. Inasmuch as Hall and his wife Qwned and controlled all of the capital stock of the corpora- tion, he was in fact but carrying on the business in the name of the corporation. The doctrine of ultra vires invoked by appellant is inapplicable. The facts in Wheeler v. Home Savi...ngs Bank, 188 HI. 34, cited by appellants, diflfer from those here involved in that Digitized by Google 532 Appellate Courts of Illinois, Vol. 134.] City of Macomb v. CJounty of McDonough. there the insolvent corporation received no benefit whatever from the debt contracted by its president and was therefore not responsible for the same either in law or eqnity. Inasmuch as the money represented by the note held by appellee was used in the business conducted bv Hall, equity demands that it be paid pro rata from the proceeds of such business without regard to the name or style under which the same was conducted or the particular form of the evidence of the indebtedness.
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