Bressler v. Martin

Citations

• 133 Ill. 278
• 24 N.E. 518

Syllabus

<p>1. Foreclosure or mortgage—as to one of a series of notes—whether a bar to a further foreclosure. The foreclosure of a mortgage given to secure two notes due at different times, as to the note first due, by the holder of both notes, after the maturity of the second note, and judgment thereon, is no bar to-a second bill to foreclose the mortgage for the amount due on the judgment.</p> <p>2. Subrogation—purchaser discharging prior mortgage—intervening judgment lien. Where a purchaser of land, by arrangement with his vendor, applies a portion of the purchase price upon' a mortgage of the vendor, whereby the debt of the latter is discharged and the mortgage satisfied, such purchaser, in equity, will be entitled to be subrogated to the rights of the mortgagee as against an intervening judgment creditor of the vendor, and to enforce the original mortgage lien as against the lien of the judgment, although the mortgage may be formally released.</p> <p>3. Judgment dien—its extent—whether upon a mere equity of redemption, or upon land. After the discharge of a mortgage on the lands of a debtor, the holder of a judgment made a levy of his execution on the land, and not on the mere equity of redemption, and became the purchaser, whereby his judgment was satisfied. The person discharging the mortgage was subrogated to the rights of the mortgagee, and the sale on execution was set aside as to the rights of the party subrogated: Held, that the lien of the j udgment thus defeated was not upon the equity of redemption, merely, but upon the land itself.</p> <p>4. Sale on execution—subject to. prior mortgage—rights of purchaser. Where mortgaged premises are levied upon by a judgment creditor of the mortgagor, and purchased by him in satisfaction of his judgment, the mortgage being of record, and there being no fraud on the part of the defendant in execution, the purchaser will take the property subject to the mortgage, and can not afterward have the satisfaction of his judgment set