Bradley v. Luce

Citations

• 99 Ill. 234
• 1881 Ill. LEXIS 169

Syllabus

<p>1. Fbaüd — as a ground of rescission. A party procured a conveyance of valuable lands for 170 shares of stock in a lumber company, which he represented to be worth eighty-five cents on the dollar, or $14,460 in gross, and notes to the amount of $12,630, secured by mortgage on 100,-acres of land in Michigan, which land he represented as having been sold for $20,-000, all of which had been paid, except the sums secured by the notes, and also that the makers of the notes were wealthy men. The grantor relied on such representations, which proved to be false, and were known by the purchaser to be untrue when made, it appearing that the lumber company was insolvent and the stock worthless, and the Michigan land worth but a small amount, and the mortgagors of the same had paid nothing on the price, and were poor men: Meld, the facts sustained a finding, on bill to set aside the conveyance, that the deed was obtained by fraud and false representation.</p> <p>2. Purchaser. — when protected against equity. A person who loans money and takes a mortgage or deed of trust to secure the loan on land, without notice of any equity in a third person in the premises, the record showing title in the mortgagor, will be protected against the right of one to have the mortgagor’s title set aside.</p> <p>3. Same — when not affected by pendency of suit. A bill to set aside a conveyance of land for fraud on the part of the grantee, which can only be done subject to the rights of a subsequent incumbrancer, who had acquired a lien on the land in good faith, without notice of the fraud, will not affect a title acquired under the incumbrance, and a purchaser may safely acquire such title, notwithstanding the pendency of such bill.</p> <p>4. The amendment of a bill by the introduction of new matter disconnected with the original, can not affect any one as lis pendens until allowed and filed. It can not relate back to the date of the filing of the original bill.</p> <p>5. Same — must show good f