Gibbons v. Hoag

Citations

• 95 Ill. 45
• 1880 Ill. LEXIS 148

Syllabus

<p>1. Mortgage—right to sell under power. A mortgage with a power of sale was given to secure the payment of eighteen promissory notes, each for $2400, two of which were payable on the first day of January in each year thereafter, all of which were payable unconditionally, and one for $48,000, payable ten years after the first two, which was upon condition that the mortgagee should procure a conveyance to the mortgagor from certain minor heirs, which mortgage provided that if default should be made in the payment of either of the $2400 notes numbered one in red ink, for thirty days, or of either of the other notes for $2400 for ninety days, or of one fourth part of the note for $48,000 for thirty days after maturity, then the whole sum unpaid should become due, and a foreclosure might be had: Meld, that a sale might</p> <p>be had for a default in the payment of any of the $2400 notes in the time designated, without first tendering the conveyance from the minor heirs, but not as to the last note, without making or tendering the deeds.</p> <p>2. Same—when passes subsequently acquired title. Where a mortgage uses the words “has granted, bargained, sold and conveyed” to the mortgagee, “his heirs and assigns forever,” any subsequent interest the mortgagor may acquire to the mortgaged premises, by a deed to his grantor, which inures to his benefit, will pass by the mortgage or any sale that may be made pursuant to its terms. The subsequent title so acquired by the grantor of the mortgagor will not inure to the person of the latter, but for the benefit of his title, and will pass by the mortgage or any valid sale under it.</p> <p>8. Same—sale under power—purchaser may rely on what record shows of sale. Where a mortgagee, after a sale made by him under a power in a mortgage, acquires the legal title by a conveyance from the purchaser to him, the mortgage and his deed to the purchaser, which are duly recorded, showing his right to sell, after which he sells and conveys a par