Illinois Central Railroad Company

Quieting Title — Mortgages — Sale by Mortgagor of Interest in Mortgaged Premises to Mortgagee — Effect of Transaction — Writ of Possession — Decree may Direct Issuance of Writ. Real Estate Mortgages — Mortgagor may, After Default, Convey His Interest in Mortgaged Premises to Mortgagee — Transaction Upheld, When. 1. A mortgagor of lands may, after default, convey all his right and interest in the mortgaged premises to the mortgagee, provided the transaction is free from fraud and no unconscionable advantage is taken of the mortgagors position by the mortgagee; and where such a transaction was free from these objectionable features, the relation of mortgagor and mortgagee was thereby terminated. Page 339 Same — Sale of Mortgaged Premises by Mortgagor to Mortgagee Relinquishes Equity and Right of Redemption. 2. Where a mortgagor of real property sells all his right and interest in the mortgaged premises to the mortgagee, he thereby relinquishes his equity of redemption, his right of redemption and his right to insist upon a statutory foreclosure and sale thereunder. Same — "Once a Mortgage Always a Mortgage" — When Mortgage Ceases to be Such. 3. The maxim "once a mortgage, always a mortgage" does not obtain where the parties to it agree to treat it differently. Same — Quieting Title — Decree may Direct Issuance of Writ of Possession, When. 4. While a judgment in favor of plaintiff, in an action to quiet title, out of possession, need not direct the issuance of a writ of possession, he may have such a writ whether the judgment so provides or not; therefore defendant may not complain of the inclusion of an order in the judgment directing its issuance.