Watson v. Sherman

Citations

• 84 Ill. 263

Syllabus

<p>1. Trustee’s sale—party participating in, not allowed to urge inadequacy of price. Where the owner of land sold under a.power in a mortgage, attends the sale, and, through his attorney, bids upon the same, and allows it to be sold to another, he will not he permitted, years after, and when valuable improvements have been made on it by subsequent purchasers, to impeach the sale ou the ground that the property was sold for less than its true value.</p> <p>2. Same—right of trustee to purchase property after the sale. While public policy and fair dealing will not allow a trustee, either directly or indirectly, to become a purchaser of property at ills own sale, yet, after the sale is made, and the property has passed beyond his control, he will have the same right to purchase it as a stranger, if the transaction is in good faith.</p> <p>3. Power of attorney—sufficiency of, to sell and convey land. A power of attorney to sell and convey, under which a conveyance of land is made, must he in writing, and of equal dignity with the deed executed, in order to be valid at law. It must be under seal.</p> <p>4. A power of attorney not under seal, will be sufficient to authorize the attorney to sell land, but not to make a conveyance.</p> <p>5. Same—when an equitable title passes, under an unsealed power. Where a trust deed authorizes the trustee, his legal representatives or attorney, to sell the land conveyed on default of payment, and a sale is fairly made under a power of attorney not under seal, and the purchase money paid and a conveyance executed by the attorney, the sale will be good in equihr, and the purchaser will acquire the equitable title to the premises, and may set up such title in bar of a suit in equity to have the sale set aside.</p> <p>■ 6. Trust deed—construed, as to notice of sale required. Where a trust deed, or mortgage with a power of sale, provides that the mortgagee may sell after having advertised such sale sixty days in a newspaper published in, et