Markoe v. Andras

Citations

• 67 Ill. 34

Syllabus

<p>1. Vendor’s lien—not assignable. The lien which arises by implication of law in favor of the vendor of land, is personal, and not assignable or transmissible even by express contract. It can be enforced only by the vendor. The assignment of the note given for the purchase money, does not carry with it, to the assignee, the vendor’s lien, so that the assignee can enforce it in his own name.</p> <p>3. Same—distinguished from lien reserved in deed. Where the vendor expressly reserves a lien in his conveyance for the purchase money, it is created by contract and not by implication of law. A lien secured in this manner constitutes a mortgage to all intents and purposes, and nothing more or less, and therefore passes, in equity, by an assignment of the notes, to the assignee.</p> <p>3. Foreclosure—right to redeem,. Where the vendor’s lien is created by express contract, it being in effect a mortgage, it is error on foreclosure to decree a sale without right of redemption.</p>