Waite v. Dennison

Citations

• 51 Ill. 319

Syllabus

<p>1. Chattel mortgage—omission to state in notice—the year when sale is to be made. The notice of a chattel mortgage sale read as follows: “ Mortgage sale. Catalogue of a valuable law library. To be sold at auction by Wm. A. Butters & Co., on Monday, Nov. 35th, at 10 o’clock, at their sales rooms Nos. 46, 48 & 50 Dearborn street, opposite Tremont House. Terms cash, par funds.” Appended to this was a catalogue of books, at the end of which was the name of “ Wm. A. Butters & Co.” RM, that under the circumstances of this case, such notice must be considered sufficient in respect to the time of sale, notwithstanding it omits to state the year in which the sale was to take place. Having been given in the early part of the month of November, all persons seeing it would infer that the sale was to take place on the 35th day of the same month.</p> <p>3. Same—no objection—that other property not named, in the mortgage was embraced in the catalogue. Nor in such case, is it an objection, that the catalogue contained other books, not named in the mortgage, and whichbelonged to other persons. It worked no injury to the mortgagor, as all of his books which were sold were embraced in the catalogue.</p> <p>3. Same—power mustbefavrly executed. The principle regulating sales of this character is, that the power must be strictly pursued, yet it is only necessary that it be fairly executed.</p> <p>4. Mortgagor and mortgagee—mortgagee can not become a purchaser at his own sale. A mortgagee or trustee can not, legally, by himself or agent, become a purchaser at his own sale, for the purpose of barring the mortgagor or debtor’s equity of redemption.</p> <p>5. Same—rights of mortagor—when property purchased by mortgagee at mortgage sale. And when, in such case, the mortgagee becomes a purchaser at his own sale, either by himself or agent, such sale, to the extent of the purchase so made, is illegal, and as to the property so sold, the mortgagor is not barred of his equity of redemption.</p