Roberts v. Richards

Citations

• 36 Ill. 339

Syllabus

<p>1. Absolute deed — equitable mortgage. A deed absolute in terms, given to indemnify another person, for moneys agreed to be paid on the debts of the grantor, operates in equity as a mortgage.</p> <p>2. Same. Such a deed is a lien upon the lands so conveyed, for the amount paid under the agreement, but the grantee has no lien on the lands for the unpaid balance of such debts.- If his administratrix had paid the debts after they were allowed against his estate, her lien would then have been complete.</p> <p>3. Same. The indebtedness of the grantor to the administratrix, incurred after the death of her intestate, is no lien upon the lands.</p> <p>4. Cbeditobs — subrogation. The lands having been pledged to the grantee, to indemnify him for the payment of the grantor’s debts, it became a trust fund, and the creditors of the grantor will be subrogated to the security.</p> <p>5. The administratrix, after the debts were allowed against the estate of the grantee, might resort to equity to subject the lands to the payment of the debts for which they were pledged, or the creditors might in like manner have their debts satisfied.</p> <p>6. CoitVETAitOE — it second sale by the grantor. Such a grantor having after-wards conveyed the premises to another person, the second grantee succeeded to all of his rights, and might redeem them by discharging the debts for which they were pledged.</p>