Sanford v. Kane

Citations

• 133 Ill. 199
• 8 L.R.A. 724

Syllabus

<p>1. Mortgages—assignment—what interest passes—negotiability. A mortgage of real estate is not negotiable or commercial paper, either at common law or under our statute, and an assignment of it does not convey or transfer the legal ownership. The right thereby acquired is equitable, only.</p> <p>2. Same—mortgage with power of sale—who may execute the power. Where the power of sale given in a mortgage is to the mortgagee, or to his heirs and assigns, if there is no transfer of the debt secured by the mortgage, so as to pass the legal title thereto, the power can be executed only by the mortgagee; but if the debt or note secured has been” legally assigned, the assignee, as the legal holder, is the one authorized to make the sale.</p> <p>3. A mortgage given to A to secure a promissory note payable to him, provided that on default of payment of the principal or interest of the debt, or any part thereof, the mortgagee, “his heirs or assigns,” might sell the premises, and, in the mortgagor’s name, make a deed to the purchaser. A indorsed the note to B, who transferred the same to 0, by delivery, only. The mortgage was by A indorsed in blank. On default of payment, 0 sold the premises:. Held, that the sale by 0 (he not being the legal holder of the debt) was unauthorized and void.</p> <p>4. Usury-—broker’s commissions—in case the lender advances his own money. A broker negotiating loans in good faith from others, may charge the borrower commission, without rendering the loan at full rate of interest usurious. But he may not make such charge when he himself advances the money loaned, for the purpose of afterward selling the note and mortgage given to him.</p> <p>5. Deed by married woman—subsequently acquired title. The warranty deed of a married woman, of land claimed by her, will pass to her grantee a subsequently acquired title; but when she unites in a warranty deed with her husband, of his land, merely for the purpose of releasing her inchoate right of dower, she will