Pearson v. Pearson

Citations

• 131 Ill. 464
• 23 N.E. 418

Syllabus

<p>1. Redemption—by judgment creditor—question of his right—waiver, by acceptance. It matters not whether a party has the right to redeem from a sheriff’s sale of land as a judgment creditor or not, if the purchaser at such sale accepts the redemption money. Such acceptance terminates all the rights of the purchaser to the land, and no one else can question the validity of the redemption.</p> <p>2. Specific performance—agreement by judgment creditor to redeem —and to reconvey to debtor. Where a party whose land has been sold on execution, gives his note to a creditor for a sum in excess of his indebtedness, and confesses judgment on the note, and furnishes the money necessary to redeem from the sheriff’s sale, under an agreement that the creditor shall redeem the land and acquire the title thereto, and, on payment of the sum due him, with costs, reconvey the land to the debtor, and there is no intention to defraud any creditors, the creditor, on performance by the debtor, will be compelled to specifically perform the agreement.</p> <p>3. Mortgage—deed absolute in form. Where the title to real estate is taken as a security for the payment of money, the deed, although absolute in form, will be deemed a mortgage; and it is always competent to prove that a deed absolute in form is in fact but a mortgage.</p>