Munn v. Burges

Citations

• 70 Ill. 604

Syllabus

<p>1. Tbttstee—presumed to perform his duty. The presumption is, that parties charged Avith a trust perform their duty, until the contrary appears; and when an act is susceptible of two opposite constructions, one consistent with innocence and fidelity to duty, and the other the reverse, the law presumes in favor of innocence and fidelity to duty.</p> <p>3. Same—right to deal with trust property for his own benefit. A trustee is only prohibited from dealing with the trust property for his own benefit so long as the trust continues, and as soon as the trust ceases, he occupies the same relation to the trust property that a stranger to the trust does, and, acting in good faith, may become the owner of the property, by purchase or otherwise.-</p> <p>3. Same—duties under a mortgage with power of sale. When the mortgagee, in a mortgage authorizing a sale and conveyance by him, makes such sale in compliance with the terms of the mortgage, and conveys the premises to the purchaser in good faith, and without any previous arrangement between him and such purchaser for a reconveyance, his duties as trustee, in regard to the mortgaged property, are ended, and he is at liberty to deal with the purchaser in relation to the property in good faith, the same as if such purchaser had derived title through some other source.</p> <p>4, Same—title acquired under sale made by him—whether void or merely voidable. If the mortgagee, with power of sale, sells and conveys under the mortgage to another, with the understanding that the purchaser is to convey to him, and the purchaser does so convey, the title thus acquired will not be absolutely void, but voidable only; and in such case, if steps are not taken by the owners of the equity of redemption, upon knowledge of the fact coming to them, ratification of the sale will be implied.</p> <p>5. Sale heder a mortgage, with power to selh and convey— whether it can he made in the-absence of the mortgagee. When a sale under a mortgage is conducte