Cleaver v. Green

Citations

• 107 Ill. 67
• 1883 Ill. LEXIS 227

Syllabus

<p>1. Sale under trust deed—personal notice to grantors. A trust deed given to secure the payment of a note, with interest, provided that on default of payment of either principal or interest the trustee might sell the premises conveyed, on giving twenty days’ notice of the time and place of the sale, in any daily newspaper of the city where the property was situate, and waived any personal notice to the makers of the deed. Before any sale was made the makers sold and conveyed them equity of redemption to a third person. It was held, the fact that no personal notice of the time and place of a sale subsequently made was given to the makers of the trust deed, was no ground on which to have the trustee’s sale set aside.</p> <p>2. Same—of trustee’8 duty to subdivide land and sell in parcele. Where property conveyed by a trust deed, to secure the payment of money, is situated outside of the limits of a city, in a district ocoupied chiefly for residences, and is not larger in quantity than is desirable for a residence, a failure on the part of the trustee to divide the same and sell in parcels, there being nothing in the trust deed imposing such duty, was held no ground to avoid a sale made by him in pursuance of the power in the deed.</p> <p>3. Same—inadequacy of price. It is not to be expected that property will bring as much at a forced sale as if sold at a private sale by judicious advertising and management, and because it does not is no sufficient reason for setting aside the sale, when there are no unfair or fraudulent practices, and when there is no such inadequacy of price as to raise a presumption of fraud.</p> <p>4 Same—relief against, barred by laches. Where property is sold by a trustee under a power in a trust deed, the makers of 'which had conveyed their equity of redemption to one who had made no' complaint, and about five years afterward a subsequent purchaser reconveyed the property, when the original owners filed a bill to set aside the trustee’s sale a