Dempster v. West

Citations

• 69 Ill. 613

Syllabus

<p>1. Promissory note—striking out assignment, and its effect. The holder of a promissory note by assignment may, by agreement of the assignor, strike out the assignment, and thus re-invest the assignor with the legal title, without reference to the equitable interest.</p> <p>2. Mortgage—who may execute power of sale. Where a mortgage given to secure the payment of a note gives the mortgagee or his assigns power to make sale of the mortgaged premises, and his assignee of the note, with his consent, strikes out the assignment of the same, the power will be restored to the mortgagee to make sale of the premises, and can not be exercised by the assignee without a new assignment.</p> <p>3. Fiduciary—prohibited in equity from, purchasing at his own sale. It is a rule of equitjq that no person who is intrusted with the power to sell or dispose of trust property can become a purchaser at his own sale, even though he employs another to conduct the formal part of the sale.</p> <p>4. A sheriff, master, marshal, constable, or other officer empowered by law to sell the property of another, can not become the purchaser at such sale, whether made by themselves, their deputies or criers.</p> <p>5. Sale under power in mortgage—beneficial owner of debt secured may purchase at sale made by party holding the legal title. Where a sale is made of mortgaged property under a power of sale in the mortgage, the equitable owner of the debt secured may become the purchaser, the same as if the sale was made by an officer of the law under decree or judgment and execution.</p> <p>6. Sales—officer or trustee making must act with fairness and impartiality. An officer or trustee, in making a sale of property, must act with the utmost good faith, with fairness and impartiality. If the purchaser is shown to have exercised undue influence over the officer or trustee, and the price' is inadequate, the sale may be avoided in equity, but it is not void.</p> <p>7. Sale under power—no unfairness, fraud or