Wallace v. Carpenter

Citations

• 85 Ill. 590

Syllabus

<p>1. Statute o® Frauds—contribution for money advanced to pwi'chase land. Where two or more persons purchase land, agreeing to take the title in the name of one of them, who agrees to advance the first payment, if the title should fail the others will be liable to him for contribution, and the Statute of Frauds can not be interposed as a defense.</p> <p>2. Resulting trust—Statute of Frauds. Where four persons agree to purchase land on a speculation, and for convenience in selling the contract is taken in the name of one, who by agreement with the others furnishes the first payment, and he afterwards disposes of the land for a profit, a resulting trust will arise by operation of law in favor of the others in the profits so realized, and may be enforced in equity although there is no written evidence to show the respective rights of the parties.</p> <p>3. Same—fraud. Where four persons, by a verbal agreement as between themselves, bought a tract of land for speculation, and had the contract of purchase taken in the name of one'to enable him to sell when he could realize a profit, which he did, and he and two of the others, by agreement, concealed the fact from the fourth, and informed him that the purchase had fallen through by reason of a defect in the title, and the two agreed with the party holding the contract to pay him one-third of the profits for selling, it was held, that owing to the fraud practiced on the fourth party, the one selling could claim no benefit growing out of the fraudulent agreement in which he participated, and the fourth party thus sought to be defrauded was entitled to one-fourth the profits arising from the sale.</p>