Kœster v. Burke

Citations

• 81 Ill. 436

Syllabus

<p>1. Mortgage—priority of several debts secured. Where a mortgage or deed of trust is given to secure the payment of several notes which become due at different times, the notes have priority of lien in the order in which they become due and payable.</p> <p>3. Trust deed—sale and conveyance by trustee, though in violation of his duty, passes legal title. Where the first note falling due, of a series of notes secured by the same deed of trust, belongs to one party, and the others to another party, and the trustee, at the request of the holder of the note first due, advertises the property for sale on a certain day, to pay his note, and afterwards, at the request of the holder of the other notes, advertises and sells at an earlier day to the holder of the notes last maturing, in satisfaction of his note, and when the day of sale under the first advertisement arrives, he again sells to the holder of the note first maturing, the purchaser at the first sale will hold the legal title, but a court of equity will set aside the first sale and order another, and the payment of the several notes out of the proceeds thereof, according to the order of their maturity.</p> <p>3. Same—trustee has no power to make second conveyance. Where the trustee in a deed of trust has a sale and executes a conveyance, he has no power to make a second sale, and if he attempts to do so the grantee in the second deed will take no title.</p>