Cookson v. Richardson

Citations

• 69 Ill. 137

Syllabus

<p>1. Resulting trust—title acquired as agent. Where the confidential agent of an aged and illiterate man, having his principal’s money to invest, made a loan of a portion of it, taking a note and mortgage from the borrower to himself instead of to his principal, and when the debt became due foreclosed the mortgage and bid in the property at the master’s sale, and received a deed therefor, it was held, that a resulting trust arose in favor of the principal as to the title of the land thus acquired.</p> <p>2. In such a case, the transaction is regarded as a purchase paid for by the cestui que trust, as the beneficial interest in the money belonged to him, and the investment, subjecting the land to sale under decree of foreclosure and purchasing it by the agent, will not change the character of the fund so as to prevent the cestui que trust from claiming the land.</p> <p>3. Deposition'—taken in another case between other parties. A deposition taken in another and different cause is not competent evidence, against one not a party to the suit in which it was taken, to prove any fact, except that it may be proper for the purpose of showing notice of the pendency of the proceeding in which it was used.</p>