Boynton v. Champlin

Citations

• 42 Ill. 57

Syllabus

<p>1. Vendob’s Lien—not favored. The implied lien of a vendor of land for unpaid purchase money, is the creature of courts of equity, springing up without bargain and without promise, generally unknown to the world, and frequently operates injuriously on the rights of creditors and purchasers, and ought not to be given effect where evidence exists of its waiver.</p> <p>3. Same — what constitutes a waive)'. The mere taking of the bond, note or covenant of the purchaser of land, will not operate as a waiver of the vendor’s lien thereon for the unpaid purchase money; but where a distinct and independent security is taken, either of property or of the responsibility of a third person, the vendor’s lien is gone.</p> <p>3. So where the vendor takes, as security for the purchase money, a bill of exchange drawn by his vendee upon a third person, and accepted by the latter, he takes an independent security which extinguishes his lien upon the land. The acceptor of the bill becomes the principal debtor; he places himself in the condition of the maker of a note, and is primarily liable to the vendor, in whose favor it is drawn.</p>