Fitch v. Wetherbee

Citations

• 110 Ill. 475

Syllabus

<p>1. Receiver—what title passes to a receiver. Where a land company, prior to the appointment of a receiver of its lands, had conveyed the same by deed of trust, to secure holders of its guaranteed and preferred stock, and the company’s equity of redemption in the same lands had, before the filing of the bill in -which the receiver was appointed, been sold on execution, and the time of redemption passed, it was held, that the receiver took nothing by the decree under which he was appointed, or by a conveyance from the company itself, and hence could pass no title by a sale made by him of such lands in pursuance of the directions of the decree.</p> <p>2. Judioiaii sake — redemption—purchaser at judicial sale—talcing subject to right of redemption. A purchaser at a judicial sale of land buys subject to the statutory right of redemption by the defendant, his heirs, administrators or assigns, or any person interested in the property through or under the defendant, within twelve months, and by any decree or judgment creditor, his executors, administrators or assigns, after twelve and within fifteen months.</p> <p>3. Same—effect of a decree, as depriving a person of the statutory right of redemption. The right given by statute to a decree or judgment creditor to redeem, is not affected by a failure of the court to provide in its decree for the sale of real estate, for the privilege of redemption. That right is given by the statute, and not by the decree of the court. In a case where the statute authorizes a redemption from the sale, a clause in a decree declaring that the sale shall be made absolute, will not bar that right. That part of the decree will be regarded as inoperative, and a redemption allowed as in other cases. And it makes no difference whether the sale is made by an officer of the law, or by one appointed by the court to perform that duty.</p> <p>4. Same—purchaser of equity of redemption at execution sale—necessity of redeeming from the superior lien. A sa