Heald v. Wright

Citations

• 75 Ill. 17

Syllabus

<p>1. Mortgage—right to redeem from, absolute deed held as a security. Where a party sold a tract of land for $3,700, receiving $600 down, and took two notes each for $700, secured by mortgage on the premises for the deferred payments, and at the same time executed an agreement that he would repurchase at the same price, in case the grantee should so desire, within one year thereafter, and, at the request of the grantee, the grantor repurchased, which was evidenced by an indorsement on the agreement, and the grantor executed his note to the grantee for $693, payable in one year, and canceled the grantee’s obligations, but let the title remain in him as security for the payment of this last note, and becoming involved and being indebted to his son, it was agreed that the latter should pay the note and on payment receive a deed, and for that purpose the grantor released all claims to the land, and the son gave his note for the sum owing by his father, and took a contract from the grantee for the sale of the land, the deed to be made on payment of the son’s note, making time of the essence of the contract and reserving a right to declare a forfeiture, the land being worth a much larger sum than the son’s note called for, and it appeared that the holder of the title died sometime after this last note matured without declaring any forfeiture, and that the son of the original grantor after-wards died, leaving all his land to his mother, and that no administration was ever had upon the estate of the holder of the title, and that he left minor heirs, so that there was no one to receive payment or reconvey upon payment: Held, that the mother, under the devise to her, acquired the right to redeem the land, and that the circumstances showed that the legal title was held by the original purchaser as a mere security for the repayment of the money paid by him, with interest, and that a redemption should be allowed upon equitable terms.</p> <p>3. Same — when deed for land becomes