Klock v. Walter

Citations

• 70 Ill. 416

Syllabus

<p>1. Mobtgaqb—what constitutes. Where a deed, though absolute in form, is intended as a security for money, it will be treated as a mortgage, or where the money of one purchases land and it is conveyed to another, a trust results in favor of the one whose money paid for the land.</p> <p>2. Where land was advertised for sale under a senior mortgage, and by an arrangement between the owner, the junior mortgagee and a third party, the latter bid the land off for the amount of both mortgages, and paid the amount due on the first mortgage with money furnished by the junior mortgagee, with the understanding that the owner might have further time in which to sell the land and pay off the amount due on both mortgages, with interest thereon: Held, that the transaction amounted to a mortgage, and that upon payment of the amount due on the two mortgages, with interest, the owner was entitled to a conveyance.</p>