Palmer v. Snell

Citations

• 111 Ill. 161

Syllabus

<p>1. Purchaser from mortgagor — whether he can avail of a promise by the mortgagee to the mortgagor to malee a release. A verbal promise by the mortgagee to the mortgagor, to release one of several mortgaged tracts in the event of a sale of the same by the latter, can not be enforced by a purchaser of such tract under execution, who, after his purchase, receives a deed from the mortgagor without an}' consideration, where the land is not purchased in reliance on such promise, and the purchaser in no way altered his condition in expectation of such release.</p> <p>2. Decree — as against one not a party. On the foreclosure of a mortgage a purchaser from the mortgagor of one of several mortgaged tracts is not entitled to a decree requiring a purchaser of the other tracts, who assumed payment of the mortgage, to pay the same, when the latter is not made a party to the suit. A decree can not be rendered against one not made a party to the suit either by the original bill or by cross-bill.</p> <p>3. Marshaling assets — compelling mortgagee to first exhaust a particular security. The rule of equity which compels a resort to a particular one of two funds for a creditor’s benefit, in favor of another who can reach but one of them, will not be enforced when it trenches upon the rights or operates to the prejudice of the party entitled to the double fund.</p> <p>4. A mortgagee’s right to a prompt foreclosure of his mortgage will not be impeded or delayed by compelling him to first resort to a personal remedy he may have against a purchaser of a portion of the mortgaged premises from the mortgagor, who assumes payment of the mortgage debt. The most that the subsequent purchaser of the remaining portion of the land can ask, is to have the mortgaged premises sold in the inverse order of alienation.</p> <p>5. Limitation — act of 1839 — as between holder of equity of redemption and mortgagee. A purchaser of the equity of redemption from a mortgagor can not invoke the Limitation act