US Bank National Association v. Villasenor

Illinois Appellate Court
Civil Court
Citation
Case Number: 
2012 IL App (1st) 120061
Decision Date: 
October 5, 2012
District: 
1st Dist.
Division/County: 
Cook Co.,6th Div.
Justice: 
GORDON
Holding: 
Affirmed.
Equitable mortgage has all the effects of recordation when land was in possession by someone other than the record owner. Equitable mortgage also requires that bank foreclose on interests of occupant and tenant of house, as bank was imputed with inquiry notice of mortgagee's interest based on occupant/tenant's possession of the house. Bank's duty to inquire further before issuing loan and mortgage is a duty imputed by law, and as bank failed to so inquire, it is not a bona fide mortgagee without notice. (HALL and GARCIA, concurring.)