Hart v. Wingart

Citations

• 83 Ill. 282

Syllabus

<p>1. Sale on execution—interest and rights of purchaser before time for redemption expires. A judgment creditor has a general lien on all the real estate of his judgment debtor in the county where the judgment is obtained, but upon his becoming the purchaser of a tract under his execution, the general lien is narrowed down to a specific one in the land sold, of as high a dignity as if created by a mortgage, but he is not the absolute owner until after the expiration of fifteen months.</p> <p>2. Deed of trust—who entitled to surplus on sale. Where land is sold under a deed of trust and there is a surplus after satisfying the debt secured by it, and the payment of the costs and expenses of the sale, a purchaser of the land under a sale under a judgment against the grantor, which was a junior lien, who is not entitled to a deed at the date of the sale by the trustee, is entitled to share in such surplus to the extent of the amount of his bid, with ten per cent interest, and the grantor in the trust deed will be entitled to the balance, although his right to redeem from the sheriff’s sale had expired when the trustee’s sale was made.</p> <p>3. If, at the time land is sold under a deed of trust, the legal title has passed from the grantor, either by his own deed or by a sheriff’s deed, the grantee will be entitled to the whole of any surplus, after discharging the debt secured by the trust deed, and expenses; but if the land has been sold under execution, and the fifteen months allowed for redemption have not expired, the purchaser under the execution will only have a lien on such surplus for the amount of his bid and ten per cent interest.</p> <p>4. Lien—in equity follows proceeds of property. A junior lien to that of a trust deed will be defeated by a sale under the latter, where the property does not bring a greater sum than will satisfy the debt secured by it, and costs and expenses, but if any surplus is left, the junior lien in equity will attach to it.</p>