Carpenter v. Carpenter

Citations

• 70 Ill. 457

Syllabus

<p>1. Trust—redemption of land with one's own, money. Where the owner of land borrowed money, and gave an absolute conveyance of the same as a security for its re-payment, with interest, and afterwards, getting into a difficulty, left the country for parts unknown, and, on his way, wrote to his father and brother-in-law to redeem the land and it should be theirs, and the father did redeem the same on the faith of such letter, paying all the land .was then worth, taking a deed to himself, and improved the same, arid finally sold it, investing the proceeds in Other land: Held, that the father was not a trustee for the son, and, as such, liable to account for the rents and profits, especially after a lapse of eighteen years unexplained. '</p> <p>2. Mortgage—election to treat the conveyance as absolute. If a party makes an absolute conveyance of land as a security for the payment of money, he may abandon the payment of the debt, and cancel the secret agreement, and treat his conveyance as absolute, instead of a mortgage, and he will be bound by such election.</p> <p>3. Laches—as affecting relief in equity. A court of equity will refuse its aid to stale demands, where the party has slept upon his rights, or acquiesced for a great length of time. Nothing can call forth the aid of the court but activity, good faith and reasonable diligence. Where these are wanting, the court is passive, and does nothing. Laches and neglect are always discountenanced.</p>