Fitch v. Conyne

Citations

• 65 Ill. 83

Syllabus

<p>1. Rescission of executed contract—effect on title. Where the grantee of a ferry franchise, upon the delivery to him of his note given for the purchase price, surrendered his deed, which was unrecorded, the intention being to rescind the sale and conveyance: Held, that while the surrender of such deed did not restore the legal title to the grantor, yet in equity the contract was rescinded.</p> <p>2. Same—estoppel. And where such surrender was procured by sureties of the grantor, so that the franchise might be subject to execution against them and the grantor: Held, that such sureties, and all persons claiming through them with notice, were estopped to deny that such conveyance was rescinded.</p> <p>3. Same—ratification—what is. Where a party had conveyed a ferry franchise, taking a note for the price, payable to his wife, and, becoming involved, had left the country; and his securities, with his father, who held the note, procured a rescission of the contract with the grantee, by delivering up such note to the grantee, and the latter surrendering his unrecorded deed, intending thereby to restore the franchise to the grantor, and such grantor afterwards gave a power of attorney to convey the franchise for him, which was done: Held, that the giving of the power of attorney was a ratification of the rescission of the contract.</p> <p>4. Same—specific performance in equity. Where parties to a conveyance of a ferry franchise mutually surrendered and delivered up the deed by the one, and the consideration received by the other, intending thereby to rescind the sale and conveyance, and the grantor, through an agent under power of attorney, sold and conveyed the same for a valuable consideration, the conveyance being duly recorded; and the grantee after-wards, for no consideration, conveyed the legal title in him to the defendant: Held, on bill in equity by the purchaser under the power of attorney, that the latter was entitled to have the last conveyance set aside and d