Sidwell v. Wheaton

Citations

• 114 Ill. 267
• 2 N.E. 183

Syllabus

<p>1. Lien—purchaser assuming incumbrance—of the Ken created thereby tin favor of the holder of the incumbrance. The owner of a tract of land, after having given a deed of trust to secure an indebtedness of §800, in which ■he intended to include the same and other land, but in which the tract first .mentioned was omitted by mistake, sold and conveyed the same by a deed •containing a clause that it was subject to such trust deed and another one, •describing the same and the date of their record, and then reciting that it was understood that the grantee, as a part of the consideration of his deed, ■assumed the payment of the several sums so secured by such trust deeds, with the interest, etc.: Held, that the reservation or assumption clause in the deed of conveyance was, in effect, the creation of an express lien, by contract, on the land conveyed, for a portion of the purchase money, in favor of the holders of the notes described in the trust deeds, which followed the land into the hands of all persons claiming under the grantee.</p> <p>2. Notice of lien as to prior incumbrance—by recitals in deed. Where a vendor of land states in his deed that it is subject to an indebtedness of his, naming the amount and to whom it is owing, and that the grantee, as a part of the consideration of his deed, assumes the payment thereof, such deed will create an express lien or charge on the land for a distinct portion •of the purchase money; and the recording of the same will be notice of such lien to all persons claiming under the grantee. Such a lien will have all the •efficacy of a mortgage.</p>