McDonald v. Stow

Citations

• 109 Ill. 40

Syllabus

<p>1. Resulting trust—how it arises. A resulting trust does not grow ' out of the contract of parties, but is an implication of law arising when land has been purchased with the money of one and the deed made to another.</p> <p>2. Same—rights of cestui que trust. In such a case the person whose money has paid for the land may follow the title to the land, and treat the holder of the legal title as a trustee, and in equity compel a conveyance.</p> <p>3. Same—whether a trust, or a sale. Where a party sells and assigns a certificate of the purchase of land under execution, for a consideration expressed as paid to him, the doctrine relating to resulting trusts has no application. The transaction will be held a sale, and nothing more.</p> <p>4. Same—laches, as a defence. Courts will not enforce resulting trusts after a great lapse of time, or laches on the part of the supposed cestui que trust, especially when it appears that the supposed nominal purchaser has occupied and enjoyed the estate with the knowledge of the former. The person claiming under an alleged resulting trust should assert his claim at least within seven years after his purchase.</p> <p>5. Assignment—certificate of purchase. A certificate of purchase of land sold on execution is under our statute made assignable. An assignment of such a certificate is evidence of its sale to the assignee.</p>