Beal v. Harrington

Citations

• 116 Ill. 113
• 4 N.E. 664

Syllabus

<p>1. Vendor’s lien—principle on which, lien rests. The principle governing courts of equity in the enforcement of liens, is the implied agreement held to exist between the vendor and vendee that the former shall hold a lien on the lands sold, for the payment of the purchase price, on the ground that the person who has the estate ought not, in conscience, as between them, keep it and not pay the purchase money.</p> <p>2. Same—waiver by talcing other security. If a vendor of real estate takes collateral and independent security for the purchase money, he thereby releases and waives all right to a vendor’s lien.</p> <p>3. Same—what to be regarded as collateral security—and herein, who to be considered the real purchaser. A person purchased a tract of land for himself, for which he agreed to pay by a stock of goods valued at $4000 and the conveyance of town lots valued at $1000, and had the land so purchased by him conveyed to his two sons in trust for himself, they paying nothing, and delivered the goods, but was unable to convey the lots for want of title thereto. The sons afterward, at the father’s request, conveyed the land to a third person, who paid nothing therefor, but held the title for the father: Held, that the vendor of the land had a vendor’s lien upon the lands conveyed by him, to the extent of $1000, the amount of the unpaid purchase money, which he might enforce as against the sons and their voluntary grantee.</p> <p>4. If land is bought by one as the agent of another, and a conveyance is made to the principal, the real purchaser, and the vendor accepts the obligation of the agent for the unpaid purchase money, he will waive his lien as vendor. But this rule has no application to a case where the purchase is made by a party for himself, and the deed is made to one in trust for his use. In such case he is the real purchaser, and his obligation to pay for the same is not collateral security.</p> <p>5. Where the equitable Owner- of land, the legal title be