Ventres v. Cobb

Citations

• 105 Ill. 33
• 1882 Ill. LEXIS 233

Syllabus

<p>1. Trustee—in deed of trust is agent of the debtor as well as of the creditor. A trustee in a deed of trust is the trustee of the debtor as well as of the creditor, and his relation imposes the duty of acting fairly, honestly, and for the best interests of all parties having rights in the property pledged, or fund, and to use all reasonable efforts to protect their several interests. For this purpose he must use the same efforts that prudent men usually employ in the protection of their own interests.</p> <p>2. Trustee’s sake—set aside for fraud and oppression. The owner of certain premises, designated as blocks 5 and 6, gave a deed of trust thereon to secure the purchase money, after which he sold the same to A and B, who assumed the payment of the incumbrance, and they conveyed block 5 to 0, who conveyed the same to D, who paid the creditor half of the debt secured by the trust deed. The remaining part of the debt, about $700, being unpaid, both blocks were advertised for sale by the trustee. On the evening before the day appointed for the sale it was agreed between the creditor and A, that A should purchase lot G for a sum sufficient to discharge the balance due under the incumbrance. On the morning of the sale it was agreed by the creditor and trustee to postpone the sale one hour, to enable A to get a certified check from the bank with which to pay his bid, and a messenger was dispatched for that purpose. Before the expiration of the time agreed on, the trustee offered and sold the property. Block 6 was sold for $505, and block 5 for $218. A returned within the hour and offered to pay the entire debt, which was refused. The purchaser of block 5 refused to complete his purchase, and the same was afterwards sold: Held, on bill filed to set aside the sales, and to redeem, that the court erred in dismissing the bill, and that the sales should be set aside for unfairness and want of integrity on the part of the trustee and creditor.</p> <p>3. Where there is a mor