Waterman v. Spaulding

Citations

• 51 Ill. 425

Syllabus

<p>1. Sale—under deed of trust—withdrawing a Ud. Where a party bids at a sale under a deed of trust, under a misapprehension as to the terms of the sale, supposing the amount bid would be received in currency, but after making the bid the trustee informed him that the purchaser would be required to pay the price in gold at the close of the sale, the bidder may be permitted by the trustee to retract his bid, without thereby affecting the validity of the sale, although upon a further offering of the property it did not bring as much as the amount of the bid withdrawn.</p> <p>2. Trustee’s sale—whether upon credit. After a sale by a trustee under a deed of trust which forbid the sale to be made upon credit, the creditor for whose benefit the sale was made, loaned to the purchaser a portion of the money with which to pay the amount of his bid, and this was not regarded as a sale upon credit by the trustee.</p> <p>3. But qurnre, whether the creditor might not, in such case, properly authorize the trustee to sell upon a credit to the extent of the debt due him, leaving the surplus which would be coming to the debtor to be paid as required by the terms of the trust deed.</p> <p>4. Same—of a sale for more than is due. Even if a trustee, under a deed of trust, makes the sale for more than is due to the creditors for whose benefit the security was given, that fact can not affect the title of the purchaser at the sale, but would simply present the question as to the proper distribution of the purchase money.</p> <p>5. Sales—inadequacy of price. A sale by a trustee under a deed of trust will not be set aside merely for inadequacy of price.</p> <p>- 6. Witnesses—competency. In a suit by a debtor against the heirs of a purchaser at a sale under a deed of trust executed by the debtor, to set aside the sale, it is not competent, under the statute, for the complainant to testify as to admissions of the purchaser made in his life time, concerning an alleged agreement to permit the com