Stump v. Swanson Development Company

Illinois Appellate Court
Civil Court
Citation
Case Number: 
2014 IL App (3d) 110784
Decision Date: 
February 10, 2014
District: 
3d Dist.
Division/County: 
Will Co.
Justice: 
McDADE
Holding: 
Affirmed and remanded.
Concept of inquiry notice does not apply to equitable vendor's liens. The only time, if at all, that a purchaser of a property interest who is a stranger to original transaction can be burdened with original vendee's equitable obligation for unpaid purchase price is when subsequent purchaser or mortgagee for value has actual knowledge about prior purchase to render his own purchase or mortgage tantamount to fraud.(LYTTON and SCHMIDT, concurring.)