Big Sioux Lumber Co. v. Miller

In 1914, one Welch was the owner of a certain quarter section of land in Turner county, S. D., and entered into a contract to sell the same to one Kalayjian, by the terms of which contract Welch was to retain security title until the completion of payments by Kalayjian. In May, 1924, the vendor Welch transferred said realty by warranty deed to Exchange Bank of Lennox subject to the Kalayjian contract. Kalayjian having failed to make and complete the payments required of him under said contract, the Exchange Bank of Lennox instituted an action for the foreclosure of the contract, which…