Bay v. Williams

Citations

• 112 Ill. 91
• 1 N.E. 340

Syllabus

<p>1. Purchaser from mortgagor—liability on assuming mortgage debt. A purchaser of mortgaged premises from the mortgagor, who assumes payment of the mortgage debt, or who accepts a conveyance reciting his assumption of the same with a knowledge of such recital, will at once become personally liable to the mortgagee for the mortgage indebtedness; and he can not defeat the mortgagee’s right to hold him responsible, by procuring a release from the mortgagor.</p> <p>2. Same—consideration for assuming mortgage debt by the purchaser. The acceptance by the purchaser of a conveyance by a mortgagor of his equity of redemption in mortgaged premises, is a sufficient consideration for a promise by the grantee to assume and pay the mortgage debt.</p> <p>3. Action—pasties—promise to pay a debt to a third person. A promise by one, upon a valuable consideration moving from another, to pay the debt of that other to a third person, inures to the benefit of such third person; and his right to maintain an action upon it is vested in him by force of the agreement itself. The express assent of the beneficiary is not essential to'his right to avail of its benefits.</p> <p>4. Indemnity to debtor against his own debt—whether availing to his creditor, and in what way. Where a debtor holds an indemnity against his debt, or other security for his protection, his creditor can reach such indemnity or security only in a court of equity, and there only when his debtor is insolvent, or on some other equitable grounds.</p>