Princeton Loan & Trust Co. v. Munson

Citations

• 60 Ill. 371

Syllabus

<p>1. Trust deed — sale by trustee — notice. Where a person borrowed money and gave a trust deed on real estate to secure its payment in three years, with interest payable annually, and the deed provided that if the interest remained due and unpaid thirty days, the holder of the claim might require the trustee to sell the property, after giving notice as required by the deed, and to apply the money as therein specified; and it was therein agreed that, on default in the payment of any instalment of principal or interest for thirty days after its maturity, the whole debt, principal and interest, should, at the option of the holder, become due and payable, and the property be sold as though the debt had become due by lapse of time: Held, under such a deed, that the trustee was only bound to 'give tlie notice required by its terms, and as tlie deed did not provide for it, he was not required to give notice to the debtor, nor was the holder bound to give notice of his election to treat the whole debt as due.</p> <p>2. Trustee — sale of trust property. In such a case, it is not fraud, or ground for setting aside'the sale made by the trustee, because he informed tlie person who became the purchaser, of the amount of the debt previous to tlie sale; nor did the fact that tlie trustee said to tlie person who after-wards became tlie purchaser of the trust property, that if the money was not paid before the time fixed for the sale, it would be sold, and that he had no expectation it would be paid. This was not fraud, nor did it work injury to the debtor.</p>