Burgett v. Paxton

Citations

• 99 Ill. 288
• 1881 Ill. LEXIS 176

Syllabus

<p>1. Bankruptcy — what estate the assignee takes, as against third persons. An assignee in bankruptcy and all persons claiming under him, succeed only to such rights as the bankrupt himself had at the time of the adjudication, and land bought at the assignee’s sale passes the bankrupt’s interest, subject to all liens by mortgage or judgment against him.</p> <p>2. Same — redemption from prior mortgage by one claiming through a sale by the assignee — effect upon a junior judgment lien. A judgment at law became a lien upon the debtor’s land, subject to a pre-existing mortgage. Subsequently the debtor was declared a bankrupt, and the land was sold by the assignee in bankruptcy. A remote claimant under the sale by the assignee redeemed from a sale under the mortgage. It was held, the only effect of such redemption from the mortgage sale was to defeat the title of the purchaser under it, and leave the premises subject to the lien of the judgment, in the same way as if the redemption had been made by the bankrupt (the mortgagor) himself.</p> <p>3. Same — judgment after bankruptcy of debtor, becomes no lien on Ms lands. A judgment recovered against a person after he is adjudged a bankrupt, becomes no lien upon the lands of the bankrupt.</p> <p>4. Satisfaction — of one of two judgments rendered for the same demand— purchaser — recording act. It does not follow, where two judgments have been obtained, in part against different parties, on account of the same claim, that a satisfaction of one is necessarily a satisfaction of the other, within the meaning of our recording laws.</p> <p>5. Where there are two judgments for the same demand, the second being upon an appeal bond given in the first case, and the records, by an erroneous entry, show the satisfaction of the latter judgment only, a purchaser of land of the judgment debtor will buy at his peril. The records must affirmatively show a satisfaction of both judgments, or there must be an actual satisfaction and discharge of