Manwaring v. Farmers' Bank of Commerce
Supreme Court of Arkansas
Appeal from Craighead Chancery Court, Western District; Archer Wheatley, Chancellor; STATEMENT OF FACTS. This is a bill in equity filed by the assignee of purchase money notes given to a vendor under an executory contract of sale to subject the estate to the payment of his debt. The facts are as follows: On the 27th day of July, 1908, W. E. Ward and Lucy C. Ward, his wife, executed a bond for title to J. T. Man-waring to 160 acres of land in Craighead County, Arkansas.
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Appeal from Craighead Chancery Court, Western District; Archer Wheatley, Chancellor; STATEMENT OF FACTS. This is a bill in equity filed by the assignee of purchase money notes given to a vendor under an executory contract of sale to subject the estate to the payment of his debt. The facts are as follows: On the 27th day of July, 1908, W. E. Ward and Lucy C. Ward, his wife, executed a bond for title to J. T. Man-waring to 160 acres of land in Craighead County, Arkansas. The purchase price was $4,000, evidenced by two promissory notes of even date with the bond for title, both due on or before…
1Opinion of the Court
HART, J.,
(after stating the facts). The decision of the chancellor was correct. It is well settled in this State ■that where the owner sells land to another and executes a bond for title, the effect of the contract is to create a mortgage upon the land in favor of the vendor to secure the purchase money subject to all the incidents of a mortgage as effectually as if the vendor had conveyed the land by absolute deed to the vendee, and had taken a mortgage back to secure the purchase price. It is equally well settled that, upon the failure of the vendee to pay in accordance with the terms of…
2Cases cited4 opinions
- Calhoun v. AinsworthSupreme Court of Arkansas · 1915
- Higgs v. SmithSupreme Court of Arkansas · 1911
- Martin v. O'BannonSupreme Court of Arkansas · 1879
- Driver v. LacerSupreme Court of Arkansas · 1916
3Cited by3 opinions
- Robbins v. FullerSupreme Court of Arkansas · 1921
- Brooks v. SmithSupreme Court of Arkansas · 1949
- J. I. Porter Lumber Company v. BonnerSupreme Court of Arkansas · 1927