Hill v. McGarity

Banke, Chief Judge.

The appellant contracted to purchase approximately 102 acres of land from the appellees for $56,100. The contract specified a closing date of June 1, 1981, which was later extended in writing to July 1, 1981; however, the closing never occurred because a title examination revealed the existence of a security deed on the property securing an indebtedness in the amount of $80,000, which was, of course, more than the purchase price specified in the contract. This security deed had been executed by two of the 13 appellees, apparently without the knowledge of the others. After…