McConneaughey v. Bogardus

Citations

• 106 Ill. 321
• 1883 Ill. LEXIS 172

Syllabus

<p>1. Sale under power in mortgage—in a county other than that in which the premises are situate—as to mortgages executed before the statute on that subject took effect. The 14th section of chapter 95, Rev. Stat. 1874, entitled “Mortgages, ” which provides that no sale of real estate under a power of sale in any mortgage, or trust deed in the nature of a mortgage, shall be made except in the county in which the premises are situated, has reference only to mortgages, or trust deeds in the nature of mortgages, “executed after the taking effect” of that act. Hence a mortgage executed before the passage of that act authorizing a sale in a different county from that in which the land is situated, upon notice, for a default of payment, is not affected by it, and such a sale is valid.</p> <p>2. Where a power of sale was given in a mortgage which was executed and delivered before the act of 1874 took effect, and the time of payment was extended by mutual agreement from year to year, until after that act went into effect, such extension will not bring the mortgage within the act, so as to preclude a sale under a power therein from being made in a different county from that in which the land is located.</p> <p>3. Same—whether a sale is made for cash—giving a check for the purchase price. A sale of mortgaged premises under a power to sell for cash is satisfied by a sale, where the purchaser at the sale gives his check for the price bid by him, which would have been paid if presented. What the parties do with the check afterward is no concern of the purchaser, or any one holding under him.</p>