Thompson v. Shoemaker

Citations

• 68 Ill. 256

Syllabus

<p>!• Promissory note—in equity assignee before due talc.es subject to malcer's defenses. Where the assignee of a promissory note acquired by him before maturity, proceeds to enforce payment in a court of equity by foreclosure of mortgage or other lien, he will occupy the same position that ^ie Payee would, and the maker may interpose any defense that would defeat a recovery in the hands of the payee,</p> <p>3- Consideration—of notes given for land. Where a purchase of land made under a bond or contract which provides for a conveyance of the title to the land upon payment of the notes given for the unpaid price, the true consideration of such notes, is not the warranty deed to be made, but the title to the land with which the purchaser is to be invested. If the title fails or can not be given, the consideration fails.</p> <p>3. Vendor and purchaser—right of vendor or his assignee to enforce payment. In this case, the vendor, a married woman, sold a tract of land, giving the purchaser a bond for a warranty deed on payment of the notes given for the purchase money. The vendor sold and assigned these notes and gave the assignee a quit-claim deed to the land as a security for their payment. It appeared that the title was held by a trustee in trust for the use of the vendor during her natural life, and at her death for others: Held, on bill in chancery by the assignee against the purchaser to compel the payment of the notes, he having tendered a deed to the purchaser, that the complainant was not entitled to a decree for the payment of the purchase money, because he had not the ability to comply with the terms of the bond, and convey the title in fee to the purchaser.</p> <p>4. The rule of law is different where the purchaser accepts a warranty-deed for the land, gives his notes for the price, and enters into possession. In such case the purchaser can not resist payment of the notes until evicted under paramount title.</p> <p>3. Cross-bill—its nature and object. The obje