Simmons v. Gardenspot Ranch, Inc.

Barnett, J. †

Appellant Paul, Simmons desired to pur,-chase a ranch owned by respondent Gardenspot Ranch, Inc., located in,Stevens County.. As a.result of negotiations between them, the. parties. executed an “earnest money agreement” on October 3, 1962, wherein, they agreed, that the total purchase price was to be $320,000.. The document recited that appellant was to assign “as down payment” a $100,000 interest.which he held on certain California property. This interest was in the form of,a promissory note secured by a deed of trust on the property. The remaining $220,000 of the. $320,000…