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“Good faith is no defense where the fraud and deceit practiced consist of making false statements of fact as of the knowledge of the one speaking, for if one asserts a thing to be true of his own knowledge when it is not true, or when he does not in fact know whether it is true or not, his statement that he knows it to be true of his own knowledge is false whether the fact asserted is true or not. And if a person makes a positive statement that a thing that is susceptible of knowledge is true, it is implied that he knows it to be true of his own knowledge, and, if he has no such knowledge, he is guilty of actual fraud.” – Justice Graves, Illinois Appellate Court, National Bank of Pawnee v. John L. Hamilton

Published inPolitics & Law

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