Security Trust Co. of Freeport v. Martin

Hart, C. J.,

(after stating the facts). The decree of the chancellor was wrong in so far as the rights of the Security Trust Company of Freeport are concerned.

The theory upon "which Martin broug’ht this suit is that he released his vendor’s lien in order that Hendricks might obtain a loan and pay him the balance of the purchase price on the land. The parties 'did not intend that the release would be effective until Martin received the money in satisfaction of the amount of the lien. In making this contention, they rely upon the general rule that, where a mortgage or other lien on real estate…