Peck v. Dyer

Citations

• 147 Ill. 592
• 35 N.E. 479

Syllabus

<p>1. Fraudulent conveyances—execution and assignment of promissory notes. An assignee of promissory notes before maturity, which are secured by mortgage, who is not chargeable with bad faith or frapd in their execution, and has no notice that the notes were made to defraud creditors, will be protected, and upon a sale of the mortgaged premises will be entitled to priority over the claims of other creditors.</p> <p>2. Where the records show the forfeiture of a contract for the purchase of land, and a conveyance by the vendor to another, who conveys to the wife of the vendee, who gives her notes for the price, secured by deed of trust, and the records afford no notice of fraud and collusion in the transaction, a jrarchaser of such notes before maturity, in the absence of actual notice of fraud, will be protected as a bona fide pur. chaser.</p> <p>3. Sales—forfeiture of contract—for non-payment of purchase money. Where a contract for the purchase of land provides for a forfeiture for non-payment of notes given for the purchase money, a.declaration of forfeiture may be made for default in payment, and thus put an end to the interest of the purchaser, unless it is done by collusion between the parties thereto, for the purpose of defrauding creditors obtaining a lien ■on the land before such declaration.</p>