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The court affirmed summary judgments against appellants who had loaned money to a licensed grain warehouseman and taken warehouse receipts as collateral. The receipts were issued by the warehouseman to himself as owner of the grain and did not state that the grain was stored separately, making the receipts illegal under Illinois law. The court found that holders of receipts known to be illegal on their face could not recover against the warehouseman

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Scribd Government Docs

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