Blair & Co. v. Marsh
Supreme Court of Iowa
Appeal from the Henry District Court. The bill in this case alleges, that in May, 1857; the defendant, Lee, sold his co-defendant, Marsh, certain lots in the town of Mount Pleasant, at the price of $3,000; that one-half the purchase money ivas paid, and for the remainder, Marsh executed his two promissory notes for $750 each, payable January 1st and March 1, 1858; that it was agreed that Lee should retain the title to the lots, until the notes were paid, and give to Marsh a…
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Appeal from the Henry District Court. The bill in this case alleges, that in May, 1857; the defendant, Lee, sold his co-defendant, Marsh, certain lots in the town of Mount Pleasant, at the price of $3,000; that one-half the purchase money ivas paid, and for the remainder, Marsh executed his two promissory notes for $750 each, payable January 1st and March 1, 1858; that it was agreed that Lee should retain the title to the lots, until the notes were paid, and give to Marsh a title bond, for a conveyance, on the payment of the balance of the purchase money; that on the payment of the $1,500,…
1Opinion of the CourtStockton, J.
It is averred in complainant’s bill, that it was the agreement between Lee and himself, at the time the note was assigned to him, that he should take it without recourse upon Lee, in case of non-payment by Marsh, but that, in such event, he should succeed to the benefit of all the security held by Lee, for the payment of the same.
This security held by Lee, and by him assigned to .complainant, must be understood to include such as is given by the statute, (Code, secs. 2094-5), to the vendor of real estate, when part, or all, of the purchase money remains unpaid after the day fixed for payment,…
2Cases cited2 opinions
- Crow, McCreary & Co. v. VanceSupreme Court of Iowa · 1857
- Hosack v. RogersNew York Court of Chancery · 1837
3Cited by7 opinions
- Felton v. SmithIndiana Supreme Court · 1882
- State Bank v. BrownSupreme Court of Iowa · 1909
- Wollgast v. HenningSupreme Court of Iowa · 1907
- Larson v. MetcalfSupreme Court of Iowa · 1926
- Bills v. MasonSupreme Court of Iowa · 1876
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