Gibbs v. Union Mutual Life Insurance

Citations

• 123 Ill. 136
• 13 N.E. 842

Syllabus

<p>Mortgage—what constitutes—as to the particular transaction. The-owner of land gave a deed of trust thereon, with a power of sale, to secure a loan of $8000, to an insurance company, after which he sold and conveyed his equity of redemption to B, who was to pay the debt held by theeompany. Binding a judgment against his grantor for a large amount, which was a lien on the equity of redemption, and to cut it off, B made an arrangement with the company whereby it was to foreclose the trust deed, acquire the title, and allow him six months in which to pay the sum du& under the trust deed, and on payment of which the company was to make him a deed. Bailing to make payment, he filed his hill to redeem from the trustee’s sale: Held, that the trustee’s deed to the company did not, under the circumstances, become a mortgage to secure the indebtedness, hut passed the title, and that the hill was properly dismissed.</p>