Farrell v. Parlier

Citations

• 50 Ill. 274

Syllabus

<p>1. Foreclosure of mortgage—rights of,\\ parties to redeem. The grantee of a mortgagor who was made party to a bill for foreclosure, and had notice of the decree, although not mentioned therein, has the same right to redeem that his grantor has, who is named in the decree. Not less than ninety days should be allowed for redemption, and a longer time when the sum is a large one.</p> <p>2. Strict foreclosure—when allowed. It is only in rare cases, where the mortgaged property is of less value than the debt, and the mortgagor is insolvent, and the mortgagee is willing to take the property and discharge his debt, that a strict foreclosure may be allowed. It is not proper where there are other incumbrances on the property, or creditors, or purchasers of the equity of redemption.</p> <p>3. Sale without redemption—decree of erroneous The 24th section of our Judgment and Execution Law, prohibits the sale of mortgaged lands, under a decree of foreclosure, without redemption; a decree ordering such sale is, there-fore, erroneous.</p>