Crabtree v. Levings

Citations

• 53 Ill. 526

Syllabus

<p>1. Contract—assuming a debt by a third, person. Where a party who owes a debt secured by mortgage enters into a contract with another by which the latter is to assume the debt, and he in turn makes a contract with the mortgagee by which the mortgage is to be transferred to him upon the performance of certain conditions, so long as the mortgagee remains bound by this agreement he can not foreclose the mortgage against the original debtor.</p> <p>2. And although the mortgagor was not a party to the contract between the mortgagee and such third person who assumed the debt, so as to enable him to maintain an action at law upon it, yet, in equity, he was not a stranger to that agreement. He having furnished the consideration for making. it, and it having been made for his benefit, he has the right in a court of chancery to invoke its protection and prevent a foreclosure so long as the contract remains in force.</p> <p>3. Contract to convey by warranty deed—what is a compliance therewith. Where a party agrees to convey to another, by warranty deed, a tract of land, the legal title to which is in a third person, under a just interpretation of the contract the procuring of the conveyance of the land by such third person with his warranty will not answer its requirement; the party who was to receive the deed is entitled to have the personal covenants of him who agreed to convey, as a further security for his title.</p> <p>4. Contract—time of its performance. Where the holder of a mortgage, by the procurement of the mortgagor, entered into au agreement with a third person, by which the mortgagee was to transfer the mortgage to the latter, and also was to convey a tract of land to him, and such third person on his part was to convey certain lands to the mortgagee, the agreement to be mutually performed within a specified time, and was partially performed on both sides, the mere fact that there was not a complete performance within the time would not prevent either party fro