Finley v. McConnell

Citations

• 60 Ill. 259

Syllabus

<p>1. Deed of trust — sale under. Where a person, being indebted, conveyed his property, real and personal, to a trustee, to be sold for the payment of his debts, aud a portion of the real estate was conveyed to his principal creditors in satisfaction of their claims: Held, that those debts formed a sufficient consideration to support the conveyance, although the proceeds were not applied on all of the debts.</p> <p>2. Same — rights of creditors. A deed of trust so executed, although in fraud of creditors, is, nevertheless, binding on the grantor.and his heirs and assigns. The statute only makes such deeds void as to creditors and bona fide purchasers. Where, in such a case, the grantor is estopped by such a deed, those who subsequently become his grantees are in like manner estopped.</p> <p>8. Same. If a trustee, in such a case, conveys the land in violation of the trust, other creditors have the right to have the fund properly applied. If a purchaser of such a trustee has not acquired title in good faith, a court of equity, on a proper application, would appropriate the fund to the purposes of the trust. But even if the purchase from the trustee was not bona fide, that does not give the grantee of the debtor the right to wrest it from the purposes of the original trust.</p> <p>4. Conveyance — homestead—claim of. Where a party conveyed the house and lot on which he resided with his family, and the right of homestead was not released, and the wife did not join in the deed, the conveyance passed the fee, but subject to the right of the grantor to retain it and occupy it as a homestead, but when he abandons it, the homestead right ceases. That right is not au estate, but simply a privilege conferred by the statute, which ceases when the grantor and his family cease to occupy the property. As soon as he ceases to so occupy it, the right to hold it, adversely to the fee, is gone, and the grantee may enter and hold’possession.</p>