Edgerton v. Young

Citations

• 43 Ill. 464

Syllabus

<p>1. Mortgage—merger. A mortgagee may procure a conveyance of the mortgaged premises from the mortgagor without necessarily merging the lien of his mortgage in the greater estate.</p> <p>2. ■ Where a greater and less estate meet in the same person, a merger does not necessarily follow. That will depend upon the intent and the interest of the parties; and if a court perceives it is necessary to the ends of justice, that the two estates should be kept alive, it will so treat them.</p> <p>3. A mortgagee assigned a note secured hy mortgage, and subsequently procured a conveyance in fee of the mortgaged premises from the mortgagor to himself. The land was then levied upon and sold as the property of the mortgagee, to a third party. Held, that the only interest acquired by the purchaser at the sale was the equity of redemption.</p> <p>4. If a purchaser finds upon record a mortgage, and a subsequent deed from the mortgagee to the mortgagor, it is probable that he would be protected under our registry laws against the claim of an assignee of the note secured by the mortgage, in the absence of notice of such assignment.</p> <p>5. Although the assignment of a note, secured by mortgage, carries with it the equitable interest in the mortgage, it carries only an equitable interest; and, if the assignee desires to protect himself against all peril from a release of the legal title by the mortgagee to the mortgagor, and a subsequent conveyance by the mortgagor to a third person without notice, it would probably be held, that the assignee of the note should also take and record a deed from the mortgagee for the mortgaged premises. But, where the mortgagor conveys to the mortgagee the same rule does not apply.</p> <p>6. Chancery—cross-bill, when unnecessary. A cross-bill is unnecessary when a defendant seeks no affirmative relief.</p>