Illinois Supreme Court February 21, 1906 (Northern Trust Co. v. Village of Wilmette)

Mr. Justice Wilkin

delivered the opinion of the court:

It is claimed by appellants that the bonds in question were negotiable instruments, and that they were purchasers of the same in good faith for value, without notice, before any of the defenses arose; that the bonds thus issued and sold can not be defeated by the subsequent acts of the village or the contractor, or both; that the village is