Mines v. Moore

Citations

• 41 Ill. 273

Syllabus

<p>1. Mortgage—foreclosure—notes not due. A decree of foreclosure to satisfy a part of the mortgage debt, found the sum due and ordered the sale of the mortgaged premises, subject to a lien on the land to secure the portion of the debt not then due ; a sale was thus made; the land was not redeemed, and the purchaser acquired a deed for the premises. An action at law was subsequently brought on the notes not due when the decree was rendered, by the payee, who had purchased the mortgaged premises at the master’s sale. Held, that, under such a decree, the purchase of the mortgaged premises by the mortgagee operated as a satisfaction of the entire debt, as well the portion not due as that which was. In such a case, the purchaser virtually becomes a mortgagor to the extent of the balance of the mortgage debt not due.</p> <p>2. Defense—at law. Also held, that this defense can be made in an action of assumpsit brought on the remaining notes, for their collection.</p>