Beaver v. Slanker
Illinois Supreme Court
Writ oe Error to the Appellate Court of the Fourth District. In the year 1866, Victor Buchanan, as administrator de bonis non of the estate of John C. Riley, deceased, in pursuance of an order of the county court of Lawrence county, sold at public sale divers tracts of lands belonging to the estate of said Riley.
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Writ oe Error to the Appellate Court of the Fourth District. In the year 1866, Victor Buchanan, as administrator de bonis non of the estate of John C. Riley, deceased, in pursuance of an order of the county court of Lawrence county, sold at public sale divers tracts of lands belonging to the estate of said Riley. Israel A. Powell became the purchaser for the price of $4178. The order of sale made by the county court required notes, with approved personal security and a mortgage on the lands sold, to be given to secure the payment of the purchase money. Powell accordingly, on July 14, 1866,…
1Opinion of the CourtJustice Sheldon
As a mere assignee alone of the mortgage, the complainant might not be able to sustain this decree in his favor, as the judgment for the mortgage debt was satisfied in full by the sale under execution of Eleinworth’s land.
But, upon the doctrine of subrogation, we think there is sufficient support for the decree.
It is the undoubted principle of equity, that if, at the time when the obligation of the principal and surety is given, a mortgage also is made by the principal to the creditor, as au additional security for the debt, then, if the surety pays the debt, he will be entitled to have an…
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