It was the legislature's intention that mortgage "foreclosure sales be made only upon such terms and conditions as were approved by the courts.”
How later courts described this case
- It was the legislature's intention that mortgage "foreclosure sales be made only upon such terms and conditions as were approved by the courts.”
- With regard to mortgage foreclosure sales, “[sjales by masters are not sales in a legal sense[ J until they are confirmed.”
- upholding an upset price using the “grossly inadequate” standard
- adopting these standards for Illinois practice
Written by the judges who cited it.
The opinion
Mr. Justice Orr,
also dissenting:
I disagree with that portion of the opinion holding that a court of chancery, in a foreclosure case, has inherent power to fix an upset price to be bid at the sale. In my opinion, this court should adhere to the contrary rule laid down in Chicago Title and Trust Co. v. Robin, 361 Ill. 261 .