Luney v. Mead
Supreme Court of Iowa
Appeal from Sac District Court. On the.17th of July, 1875, one John Coates purchased' 160 acres of land of the Iowa Railroad'Land Company.
Read the full summary
Appeal from Sac District Court. On the.17th of July, 1875, one John Coates purchased' 160 acres of land of the Iowa Railroad'Land Company. The purchase price of the land was $1,056. He made a cash payment of $211.20, and contracted to pay the balance of the purchase-money and interest thereon in installments; and entered into four written agreements (one for each forty acres of the land) with the Land Company, providing that upon full payment of the purchase-money the land should be conveyed to him. He erected a dwelling house upon the premises, broke and put in cultivation about forty acres…
1Opinion of the CourtRothrock, J.
It appears from the evidence that, at the time Coates assigned the contracts to the plaintiffs, the land was worth at least $2,000. The plaintiffs paid to Coates $400, and to the Land Company $200. If their theory of the case be correct, the land was worth $1,400 more than they paid for it. But it is claimed by the defendant that the plaintiffs, as part of the consideration for the assignment of the contracts, agreed to pay the mortgage. The plaintiffs deny that they made any such agreement, and deny that they had any notice of the mortgage, and they claim that Coates had no interest in the…
2Cases cited1 opinion
- Scott's Administrators v. GilSupreme Court of Iowa · 1865