Hosmer v. Campbell

Citations

• 98 Ill. 572
• 1881 Ill. LEXIS 293

Syllabus

<p>1. Deed of trust—who is the parly secured. Where a deed of trust is given by the maker of a promissory note payable to his own order, to secure its payment, the maker of the trust deed can not be treated as a mortgagee. The note being operative and binding only after indorsement, the indorsee becomes the mortgagee, the same as if the note had been made payable to him in the first instance.</p> <p>2. Same—innocent purchaser under, protected. Where a trustee’s deed, made upon a sale under a valid deed of trust, shows the sale to have been made in strict conformity with the power contained in the trust deed, and the purchaser has had no notice of any irregularities in the sale, his title will be protected, as respects any such irregularities, if any there were, as that of an innocent purchaser.</p> <p>3. Recording daw—record not notice to a prior grantee or incumbrancer. A mortgagee is not chargeable with notice of what the records of deeds and mortgages disclose subsequent to the making and recording of his mortgage. The registry laws have exclusive application to subsequent purchasers and creditors.</p> <p>4. Mortgage—sale in inverse order of alienation. Where several tracts of land are included in the same mortgage, and there have been subsequent sales by the mortgagor, a purchaser from the mortgagor desiring that the sales under the mortgage shall be made in the inverse-order of alienation, must give actual notice of his rights before any sale is made under the mortgage. After the sale has been made without such notice having been given, he can not have any relief in respect to which tracts shall be first sold.</p> <p>5. A prior mortgagee is not bound, before selling or releasing any property embraced in the mortgage, to examine the records, to ascertain whether any one will be affected by his action. The junior mortgagee or subsequent purchaser must give actual notice of his interests to the prior mortgagee, if he intends to insist that the property shall be so