Lloyd v. Karnes

Citations

• 45 Ill. 62

Syllabus

<p>1. Execution—redemption of real property. M., the assignee of a second mortgage, had also assigned to him the decree rendered in the foreclosure suit upon the first mortgage, and afterward, at the sale under such decree, purchased the premises and assigned his certificate of purchase, and also quit-claimed the premises to K., who failed to redeem them in the manner pointed out by statute, and also to record these instruments; and subsequently L., a judgment creditor of the mortgagor, had execution levied upon the premises, and at the same time redeemed from the sale under the first mortgage and recorded his certificate of redemption, and at the sale under the execution became the purchaser, and received the sheriff's deed therefor: Held, that the redemption by L. vested in him the legal title, which constituted a bar against any proceedings by K. to foreclose the second mortgage.</p> <p>2. Former decision. The case of McLagan v. Brown, 11 Ill. 523, not in conflict with this decision.</p> <p>3. Execution — redemption by a judgment creditor. The equity of redemption not having been conveyed by the mortgagor, L. was entitled to redeem the premises as against K., who was the mere assignee of the certificate of purchase.</p> <p>4. Same — the assignment of the certificate of purchase did not effect a redemption. The mere assignment of the certificate of purchase to K, did not effect a redemption of the premises, and, having failed to redeem in the manner pointed out by statute, he cannot now, as assignee of the second mortgagee, set up superior rights as against L., who redeemed as a judgment creditor of the mortgagor.</p> <p>5. Former decision. The case of Blacks v. Kelly, 30 Ill. 472, discussed and approved.</p> <p>6. Same — redemption complete. The redemption by L. having been made under the statute, was complete, he having redeemed from the sale under the senior mortgage. The fact that such sale did not satisfy the mortgage debt was no fault of his, and he could no