Baker v. Bishop Hill Colony

Citations

• 45 Ill. 264

Syllabus

<p>1. Contract—forfeiture—waimer. If time is of the essence, in a bond for a deed, the vendor may waive the forfeiture by continuing, and acting upon the contract.</p> <p>2. If a party has no title to the land for which he gives a bond for a deed, he cannot declare a forfeiture until he is in a condition to convey, although time may be of the essence of the contract.</p> <p>3. Mortgage—what may be mortgaged. The holder of a bond for a deed has an equity which he can mortgage or convey, and the mortgagee or grantee will succeed to all his equities.</p> <p>4. Foreclosure—rights of the owner of the equity of redemption. Where a mortgage is executed on an equity, held by the mortgagor, on a bond for a deed, and the mortgagor subsequently reconveys the land to the vendor, before any forfeiture is declared on the bond, his grantor will succeed to the rights of the mortgagor, and is entitled to pay off the mortgage and prevent a sale; and until the equity of redemption has expired, he is entitled to retain the possession and enjoy the rents and profits.</p>