Jacobs v. Turpin

Citations

• 83 Ill. 424

Syllabus

<p>1. Trustee’s sale—time for paying lid. On a trustee’s sale of land, under a power in a trust deed, made late in the afternoon of Saturday, a party-hid $3938, and the holder of the notes hid $10,070, and exhibited his certified check upon a bank for $10,000, and paid the amount of his bid on the following Monday: Held, on a contest between the bidders as to their rights to a deed, the sale being announced for cash, that the payment on the following Monday was a substantial compliance with the terms of the sale.</p> <p>3. Same—when no money need le paid. Where the holder of notes secured by deed of trust, becomes the purchaser of property at'the trustee’s sale, a mere indorsement of the amount of his bid on the notes will be a sufficient compliance With the power and terms of sale requiring it to be for cash.</p> <p>3. Receiver—powers of. A receiver of an insurance company, holding notes given to the company and secured by deed of trust, has the rightful power to bid off the property to save a sacrifice. He succeeds to the rights of the company in this respect.</p> <p>4. Errors—pm'ty may not assign those not affecting Mm. A bidder at a trustee’s sale of property, under a trust deed which has been reformed for a mistake, can not assign for error any matter in the decree of reformation, or its directing a deed to be made without redemption, as he has no interest in these questions.</p>