Smith v. Gear

Citations

• 59 Ill. 381

Syllabus

<p>1. Joint purchase op land—-for sale—profits. Where two persons purchase land, as tenants in common, to be sold and the profits divided, and no time is agreed upon in which the sale is to be made, the law will require a sale in a reasonable time.</p> <p>2. Where parties were purchasing stock, and one furnished money therefor, and the other to have half-of the net profits when sold, and the parties purchased notes, secured by mortgage on lands, and it was agreed that the notes and mortgage were to be held by them in the same manner that they held the stock, and the mortgage was foreclosed, and the laud purchased, by the party who furnished the money to buy the stock, in Ms name, it would be error to decree one-half of the land to the person who was to have but onc-lialf of the net profits.</p> <p>3. Decree—sale—profits. In such a case, it is not necessary to prove that there would be profits on a sale of the lands before the court would render a decree of sale, as it was the agreement of the parties that there should be a sale. But the chancellor might provide that the land be bfferedfor sale, and if a sum, sufficient to yield a profit, should not be bid, decree that the party claiming the right to participate in the profits should be barred of all interest and equities in the premises.</p> <p>4. In such an event, if any thing should be found due to the other party, who was to receive net profits, he would have a lien on the land for the same, and if not paid, the land should be sold to pay the same.</p> <p>■ 5. Same—equities of the pas-ties. In such a case it is error to order the property to be sold, and to reserve the question as to the equities of the parties until the coming in of the master’s report.</p> <p>6. Lien—outstanding title. In such a case the party only entitled to share in net profits, did not acquire a lien against the land, by purchasing in an outstanding tax title and the equity of redemption, without the consent of the other party. In such a ca