Babcock v. Lisk

Citations

• 57 Ill. 327

Syllabus

<p>1. Mortgage—what debts wt'e embraced therein. A mortgage which recited that it was given to secure the payment of a certain promissory note described therein, “and also in consideration of the further sum of five hundred dollars,” to the mortgagor in hand paid, the receipt whereof was thereby acknowledged, he had “ granted, bargained, sold and conveyed” the premises described in the mortgage deed, was construed as a security given for the payment of the promissory note mentioned, and also the sum of §500 of other indebtedness.</p> <p>2. Same—parol proof of indebtedness secured thereby. And the §500 not being evidenced by any note or bond outside of the mortgage itself, it was competent, upon a bill to foreclose, to show by parol evidence the nature and character of such indebtedness and when contracted. That -was in no sense enlarging the terms of the mortgage, but was simply showing the true amount of the consideration of the deed, and parol evidence is admissible for such purpose.</p> <p>3. Interest—at what rate recoverable. The proof showing when the indebtedness other than that mentioned in the promissory note was contracted, and there being no special contract as to the rate of interest, it was not error for the court to decree the legal rate of interest thereon.</p> <p>4. Purchaser from the mortgagor—how far chargeable with notice. The fact that the sum of “ five hundred dollars” was named in the mortgage, was, of itself, sufficient to put a subsequent purchaser of the mortgaged premises on inquiry as to what was the true amount due under the mortgage, and if he purchased without making the necessary inquiries at the proper sources of information, he would be held to have done so at his peril. The mortgage being duly recorded in the proper office, a purchaser of the premises would be chargeable with notice of all it contained.</p> <p>5. Notice—when a party is cha/ryeaUe therewith. Where a party wilfully closes his eyes against the lights to which his attent