Fisher v. Green

Citations

• 142 Ill. 80
• 31 N.E. 172

Syllabus

<p>1. Trust deed — sale under power granted — after death of subsequent owner of right of redemption. In 1872 the owner of land conveyed the same in trust, to secure a loan of money, after which he sold and conveyed the land to F., who assumed the payment of the incumbrance, and who afterwards reconveyed to the original owner, whereby he parted with his equity of redemption. F. died January 11, 1878, and on the tenth day of the following July the trustee, under a power in the trust deed, sold the land to the holder of the debt for a default in payment, such sale being in all respects regular: Held, that the trustee’s sale and deed passed the title to the land, notwithstanding the death of F. The death of F. had no effect upon the right of the trustee to sell, for the reason that he was not the grantor in the trust deed, the case being governed by the act of 1869, and not by the act of 1874.</p> <p>2. Mortgage with power op sale — effect of act of 1874 relating to death of mortgagor. Section 13 of the act of 1874, revising the law in relation to mortgages, taking away the right to foreclose and sell under any power of sale in any mortgage or deed of trust, in case of the death of the mortgagor or grantor, on the death of the holder of the equity of redemption, operates prospectively, and has no application to deeds of trust or mortgages containing a power of sale which were in existence' at or before such law went into effect.</p> <p>3. Such law should be regarded as only the declaration of a public policy and the establishment of a rule, to which persons thereafter accepting mortgages or deeds of trust with powers of sale were required to conform, but it was not intended to have the effect of impairing or in any way interfering with existing securities, such securities being left subject only to those rules of law which were in force at the time of their execution.</p> <p>4. Same — power of sale, is a property right. A power of sale in a trust deed, when allowed by