Greig v. Russell

Citations

• 115 Ill. 483
• 4 N.E. 780

Syllabus

<p>1. Equitable title—of facts as showing whether it exists. A bill in chancery alleged that in the year 1847 one S. was in the possession of a lot, claiming equitable rights therein; that he lawfully entered upon the lot when wild land, and built large and extensive improvements upon it; that at the same time one K., then of the State of Connecticut, held the legal title to the lot, but acknowledged the equitable rights and interest of S. in the same; that on or about July 24, 1847, S. purchased from E. the interest of the hatter in the lot, and took from E. a contract of purchase at the price of $7000, and made valuable improvements on the same, but being unable to complete the payment, in pursuance of an agreement to that affect, S., in 1852, assigned to E. his contract-of purchase, and made him a quitclaim deed for the lot, clearing up all liens on his interest, and received back a new contract of purchase for $7277.50 on credit, making time of performance of the essence of the contract, and providing for forfeiture of all payments and rights for failure to make prompt payments, and also showed a declaration of forfeiture by the vendor for non-payment: Held, that the hill did not show any equitable title in S. at the time of the making of the quitclaim deed.</p> <p>2. Vendor and purchaser—or mortgagor and mortgagee—which relation exists. Where a purchaser of real estate, being in default of payment, by an arrangement with his vendor made a quitclaim deed of the property, and surrendered his contract of purchase, and another contract of purchase was executed providing for a conveyance on payment of the sum due under the former contract, in installments, it was held, that the relation of mortgagee and mortgagor was not thereby created, but that the true relation between the parties was still that of vendor and purchaser, and the latter failing to make his payments, could not, after a forfeiture under his contract, maintain a bill to redeem as a mortgagor.</p> <p>3