Much v. Gorsuch

Opinion by

Mr. Justice Kephart,

Much and Gorsuch agreed, on September 30, 1927, to exchange real estate owned by each. Much’s real estate was valued at $60,000 and Gorsuch’s at $40,000. To complete the transaction, an adjustment of liens to which both properties were subject was necessary. Much’s property had a first mortgage of $15,000 which Gorsuch was to assume as part of the purchase price. He also agreed to pay $25,000 in cash, and the remainder, $20,000, in three years, to be secured by a bond and mortgage on the property he received. Gorsuch’s properties were subject to a first mortgage…