Ballinger v. Bourland

Citations

• 87 Ill. 513

Syllabus

<p>1. Usury—charge of commission by agent procuring loan. Where an agent procuring a loan of money for a party, charged and received from the borrower five per cent of the amount, and $100 for going to Chicago and procuring a release of an incumbrance, the party making the loan having no knowledge of this arrangement and deriving no benefit from it, it was held, that usury could not be predicated of the transaction.</p> <p>2. Deed of trust—sale by trustee, whether on credit. Where a party gave a deed of trust to secure a sum of money borrowed of an insurance company, with a power of sale, for cash, on default of payment, and before the trustee’s sale the party who afterwards purchased applied to the company for the loan of the same sum for which the deed of trust was given, and had the promise of it, and upon his purchase of the land gave his note to the company for the amount of the loan, paying the balance due the company, by way of interest, in money, it was held, that the sale could not be objected to as not being made for cash, the arrangement not being to the injury of the mortgagor.</p> <p>3. Same—remedy is at law to reach surplus proceeds of sale. Where property sold under a trust deed produces more than is required to discharge the debt secured and reasonable expenses of the sale, which the trustee refuses to pay over to the party entitled to it, the remedy for its recovery is at law and not in equity.</p> <p>4. Same—who entitled to overplus of sale money. Where A, after the execution of a deed of trust on land, conveyed Ms equity of redemption to B, to secure a loan of $2000, and afterwards the title thus conveyed was extinguished by a foreclosure of the trust deed, the property selling for $1000 more than was due on the trust deed, which the trustee claimed for making the sale, it was held, that if this overplus was improperly retained, it should be paid to B, as the holder of the equity of redemption, he not having been repaid his loan by A.</p> <p>5. Mo