Rogers v. Herron

Citations

• 92 Ill. 583

Syllabus

<p>1. Purchaser,—when bound to pay incumbrance made by his vendor. Where a person purchases real estate incumbered by a mortgage, and as a part of the consideration agrees to pay and discharge the incumbrance, such a contract will create a personal liability in favor of the holder of the mortgage, which the courts will enforce.</p> <p>2. Mortgage—merger by taking conveyance. A prior mortgagee, by taking a conveyance from the mortgagor, does not thereby lose his lien, as against a subsequent incumbrance by mortgage, or postpone the same to that of the second one.</p> <p>3. Same—rights of junior mortgagee. Where the prior mortgagee takes a conveyance of the mortgagor’s equity of redemption after the execution of a second mortgage by the latter, the junior mortgagee may, on a bill properly framed, redeem from the first mortgage, and have the property sold on foreclosure, regardless of the conveyance.</p> <p>4. Same—falls with estate upon which it is given. A mortgage given upon a leasehold interest in land for a term of years must fall with the term, and upon the expiration of the term can not be foreclosed as against the reversioner, although the bill may have been filed before the term expired.</p> <p>5. Same—mortgagee in possession—rents and profits. A prior mortgagee un- . der a mortgage upon a term of years, who takes possession of the premises under a purchase of the fee from the mortgagor, who had acquired the fee after he made the mortgage, is not to be regarded as a mortgagee in possession, and as such accountable for the rents and profits to a junior mortgagee of the same term.</p>